The report is a follow-up to IOSCO’s first review, which was published in July 2014 and contained remedial recommendations for the three administrators intended to strengthen their implementation of the Financial Benchmark Principles. The 19 Principles were published in July 2013 with a view to be implemented by benchmark administrators and submitters and to promote the reliability of benchmark determinations. The Second Review sets out the IOSCO findings into the direction of travel taken by the administrators towards implementing the recommendations of the first review.
David Lawton, of the UK Financial Conduct Authority and Chair of the Task Force on Financial Markets Benchmarks, said: “We welcome the significant work done in response to the recommendations of the last IOSCO review. This second Report coincides with consultations on plans for further evolution of major interest rate benchmarks such as Euribor, Libor and Tibor. We look to administrators to ensure that the outcomes of these plans are in line with the expectations of the IOSCO Principles.”
Steven Bardy, of the Australian Securities and Investments Commission and Chair of the Assessment Committee, said: "Reviews of implementation, like this one, provide very useful information to the relevant administrators, the users of their Benchmarks, and to the market more generally, about the progress being made in improving governance, quality and accountability in Benchmark setting. Implementation monitoring has now become a key part of what IOSCO does and is of great value to all of our stakeholders"
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