Daily foreign exchange rates are currency pair quotations supplied by dealers and/or bank providers through a handful of electronic quotation systems, such as Bloomberg, Reuters and others. Currencies are quoted with the widely used three-letter codes for currencies worldwide: USD, EUR, CHF, GBP, TRY, BRL, etc. Each day at 4pm London time, WM Reuters calculates ‘benchmark’ rates for spot and forward trading in the main currency pairs. Made by taking an average of the exchange rate in currency trades 30 seconds before and after 4pm in the London market, these benchmark rates can be used by companies to reduce search and trading costs. Another widely used set of daily foreign exchange rates that are used as benchmarks is the euro foreign exchange reference rates (also known as the ECB reference rates), published daily by the European Central Bank on its website at around 4pm CET.