On July 15, 2014, the Financial Stability Board (“FSB”) published for consultation proposals to reform FX benchmarks. The FSB established a working group in February 2014 amid concerns about the integrity of FX benchmarks to conduct a review of FX benchmarks and analyze market practices. The FSB intends to submit recommendations to the G20 leaders ahead of the Brisbane summit in November this year. The recommendations proposed in the consultation paper published last week cover the calculation methodology of the WM/Reuters benchmark rates, the publication of reference rates by central banks, market infrastructure for the execution of fix trades and behavior around the time of the major FX benchmarks. The consultation is open until August 12, 2014.