IOSCO Reviews Implementation of Financial Benchmark Principles

IOSCO published a report titled "Review of the Implementation of IOSCO's Principles for Financial Benchmarks." The report sets out IOSCO's findings as to the implementation of its "Principles for Financial Benchmarks" ("Principles"). IOSCO's review consisted of surveying Administrators, who provided samples of Benchmarks across a range of geographical areas and asset classes, and reviewing Administrator public statements on compliance.

Widespread efforts to implement the Principles were reported by the majority of administrators surveyed. The responses received from administrators also show that the benchmarks industry seems to be in a state of change, as seen from various examples of benchmarks being transitioned into new methodologies and to new Administrators.

See: Review of the Implementation of IOSCO's Principles for Financial Benchmarks; IOSCO Press Release. See also: LIBOR/Indices Specialty Page (available to Cabinet subscribers only).Related news: FSB Releases Report on FX Rate Benchmarks; IOSCO Reviews Implementation of Foreign Exchange Benchmark (October 1, 2014); IOSCO's Final Report on Principles for Financial Benchmarks (with Lofchie Comment) (July 17, 2013).