Articles such as this one by Xavier Porterfield of New Change FX makes it abundantly clear why, when measuring in FX, an Independent Benchmark makes all the difference.

The emergence of independent mid-rates has made price opacity optional.  To paraphrase Gibson, a fair and efficient FX market is already here, it’s just not evenly distributed yet.  Let’s establish what makes a mid-rate independent and then examine how independent mid-rates are being employed in a number of different market solutions to distribute the benefits of price transparency beyond market insiders.

Please click on this link to access the article in e-Forex Magazine