IOSCO Publishes the Responses to Financial Benchmark Consultation (with Lofchie Comment)
The International Organization of Securities Commissions ("IOSCO") published the comment letters to the consultation paper on Principles for Financial Benchmarks that was issued on April 16, 2013.The report sought public comment on a set of high-level principles for benchmarks used in global financial markets. Because of the wide diversity of benchmarks, IOSCO also asked for public comment on a subset of more detailed principles for benchmarks having specific risks arising from their reliance on submissions and/or their ownership structure.
Lofchie Comment: One of the remarkable things about the comments is the geographic diversity of their sources. This indicates the significance of the U.S. regulators reaching an agreement with non-U.S. regulators as to the application of the U.S. derivatives rules to non-U.S. market participants. Financial regulation is a global concern.
See below to view public comments received as of June 6, 2013:ArgusAustralian Financial Markets AssociationBaltic ExchangeBarclaysBlackRockBVI Bundesverband Investment und Asset ManagementCME GroupEuribor-European Banking Federation ("EBF")European Federation of Energy Traders ("EFET")European Structured Investment Products Association ("EUSIPA")Federation of European Securities Exchanges ("FESE")German Banking Industry CommitteeGlobal Financial Markets Association ("GFMA")Hong Kong Monetary AuthorityICE Futures EuropeICIS - Reed Elsevier plcIndex Industry AssociationINGInternational Capital Market Association ("ICMA")International Swaps and Derivatives Association, Inc.Intesa SanpaoloInvestment Company Institute and ICI GlobalInvestment Management Association ("IMA")Japanese Bankers Association ("JBA")LCH.ClearnetLondon Metal ExchangeLondon Stock Exchange Group ("LSEG")MarkitMcGraw-Hill FinancialMSCI and IPDNationwide Building Society and Lloyds Banking GroupNYSE EuronexPlattsRate Validation ServicesReserve Bank of AustraliaRosa M. Abrantes MetzRussell InvestmentsStandard Chartered BankSTOXX Ltd.Thomson ReutersTokyo Stock Exchange, Inc.UnicreditVanguard Asset Management, Ltd.