Кредит В Wm Для Форекс

S&P Global Ratings today announced it is placing its &#;A-&#; long-term issuer credit rating and &#;A-&#; senior unsecured issue credit rating on Euronext N.V. on CreditWatch with negative implications. At the same time, S&P Global Ratings affirmed its &#;A-2&#; short-term issuer credit rating on the company.

As FX News Group has reported, London Stock Exchange Group Plc (LON:LSE) confirmed on October 9, , it has agreed to sell its entire shareholding in London Stock Exchange Group Holdings Italia S.p.A (LSEG Italia), the parent company of Borsa Italiana, to Euronext.

The equity value of the transaction is € billion, plus an additional amount reflecting cash generation to completion. Euronext intends to fund this with € million in cash, € billion in new debt, and € billion in equity.

S&P views the transaction a logical extension of Euronext&#;s strategy as the leading consolidator of EU stock exchanges, and that the geographical and product diversity of its revenue will improve as a result.

However, the CreditWatch placement reflects S&P&#;s view that the company will substantially increase its financial leverage because of the deal. Whereas S&P expects that the group will remain highly cash-generative and be able to deleverage, it also anticipates that the leverage ratios will remain elevated even through end

LSEG says that the principal benefit of the Borsa Italiana deal is to facilitate the completion of the Refinitiv transaction. The divestment, which represents an enterprise valuation multiple of x adjusted EBITDA, allows LSEG to achieve an attractive valuation for Borsa Italiana. The Board believes that the overall strategic rationale for, and financial benefits of, the Refinitiv transaction remain compelling notwithstanding the divestment of Borsa Italiana.

What are WM/Reuters Benchmark Rates

WM/Reuters FX benchmark rates are spot and forward foreign exchange rates that are used as standard rates for portfolio valuation and performance measurement. The WM/Reuters Closing Spot Rate service was introduced in to provide standard forex rates that would enable portfolio valuations to be compared more accurately against each other and financial benchmarks, without having to account for currency differentials.

The WM/Reuters FX benchmark rates are provided by Thomson Reuters, which acquired the rate calculation business of the World Markets Company (WM) from State Street in  

Basics of WM/Reuters Benchmark Rates

The original WM/Reuters service provided closing spot rates for 40 currencies daily. The service has since expanded to closing spot currencies covered on an hourly basis. In addition, WM/Reuters also provides closing rates for currency forwards and non-deliverable forwards (NDF) hourly intraday for spot, forward and NDF rates, as well as historical data.

While most major equity and bond index compilers use the WM/Reuters benchmark rates in their calculations, the rates are also used for other purposes such as calculating benchmark rates for the settlement of financial derivatives. Some banks also provide a service to their clients by providing a guarantee to trade at the WM/Reuters rates.

How Rates are Determined

The WM/Reuters benchmark rates are determined over a five-minute fix period, from 2 minutes 30 seconds before to 2 minutes 30 seconds after the time of the fix, which is generally 4 p.m. in London. During this five-minute window, bid and offer rates from the order matching system and actual trades executed are captured. Since trades occur in milliseconds, only a sample is captured, rather than every trade. The median bid and offer are calculated using valid rates over the fix period, and the mid-rate is then calculated from them.

The importance of these rates lies in the fact that they are used to value trillions of dollars in investments held by money managers and pension funds. In , the method of fixing the WM/Benchmark rates came under intense scrutiny, after widespread allegations of collusion and rate manipulation by traders surfaced.

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