FESE response to IOSCO consultation report on financial benchmarks

12 February 2013

FESE believes that it is appropriate that all benchmarks should be brought within the scope of civil and criminal sanctions against manipulation, and their governance, transparency and calculation methodology arrangements should be subject to a set of high level principles by IOSCO.

Should policy-makers engage in future discussions on benchmarks and indices and the need to preserve market integrity, FESE believes that these discussions should be in line with the goals of the European Commission’s current work on MAD/R, and should focus on ensuring independence and transparency.

Moreover, any regulatory intervention should aim at maintaining a level playing field and focus on those parts of the market where (mostly) unregulated price sources determine the value of an index.

Press release

© FESE