Market mulls options benchmark

Although other markets, such as the interest rate swaps market, have benchmark prices, the FX options business does not. And the need for an industry standard has become more acute following the introduction of accounting standards such as FAS 133 in the US and the upcoming IAS 39 standard for Europe, which require listed firms to report derivatives hedging accurately in their accounts.

"Firms are under pressure from their auditors to provide realistic mark-to-market prices," one senior New Y