LONDON The European Central Bank took its first formal step to discourage market manipulation around its euro FX reference rates on Monday, saying it would delay their publication by an extra 90 minutes from next July.

The bank declined to say whether it had seen any suspicious trading around its daily setting of the more than 30 currency rates, and said it was reacting to changes recommended by regulators reforming global FX benchmarks. Market rigging scandals that have come to light since the financial crisis ranging from FX markets and interest rates to commodities have badly damaged the banking industry, led to billions in fines and exposed serious flaws in regulation.

The ECB said that from July 1, it would publish the rates at 4 p. Central European Time, compared to 2. There would be no changes to the methodology it uses to calculate the reference rates, based on a fixing at 2.

ECB shifts daily FX rates in anti-rigging move | Reuters

The central bank's hope is that the publication delay will help prevent rigging by taking advantage of the fact some types of currency trades have to be completed within half an hour of the deal being made. If it does not, the ECB will consider further delaying the publication of the reference rates, potentially until the next business day.

The global Financial Stability Board committee, which is working on reforming fixings, says part of the problem has been the concentration caused by asset managers doing most of their currency deals at the fixing rather than other times of day.

Congress, unable so far to resolve deep disagreements over spending for the fiscal year starting on Oct.

NEW YORK Americans' love of their smartphones and apps may be contributing to the sluggish pace of inflation that is worrying Wall Street and the Federal Reserve, a top bond manager at BlackRock, the world's biggest asset manager, said on Wednesday.

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Pictures Home The Wider Image Photographers Focus ECB shifts daily FX rates in anti-rigging move. Business News Mon Dec 7, 8: A general view of the exterior of the European Central Bank ECB headquarters in Frankfurt, Germany, December 3, By Marc Jones and Patrick Graham LONDON.

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