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The report was prepared by a Review Team, constituting members of the IOSCO Board-level Task Force on Financial Market Benchmarks. The review indicated that there has been a significant market reaction to the publication of the Principles, with widespread efforts being made to implement the Principles by the majority of the administrators surveyed.
The responses received from administrators also show that the benchmarks industry is in a state of change, as seen from the reported levels of administrators continuing to work towards compliance with the Principles as well as examples of benchmarks being transitioned to new methodologies and administrators. The report notes that further steps may need to be taken by IOSCO in the future; however it is too early to determine what those steps should be.
The Chairman of the IOSCO Board-level Task Force and Chief Executive of the UK Financial Conduct Authority Martin Wheatley said: “Benchmark administrators have taken significant steps to implement the principles across their business, however there is more to do to ensure standards are raised across the market. The principles play a vital role in this, and I welcome the public confirmations of compliance made by administrators to date.”