One of approximately five times during the forex trading day when a large amount of currency must be bought or sold to fill a commercial customer’s orders. Typically these times are associated with market volatility. The regular fixes are as follows (all times NY): 

5:00am – Frankfurt 

6:00am – London 

10:00am – WMHCO (World Market House Company) 

11:00am – WMHCO (World Market House Company) – more important 

8:20am – IMM

8:15am – ECB