WM Reuters benchmark rates are spot and forward currency rates in the main currency pairs announced each day at 4pm London time. 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. Currencies are quoted with the widely used three-letter codes for currencies worldwide: USD, EUR, CHF, GBP, TRY, BRL, etc. 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.