IHS Markit, a provider of critical information, analytics solutions for the financial services sector, has secured the go-ahead from the Financial Conduct authority (FCA) to serve as an authorised benchmark administrator under the European Benchmark Regulation (BMR).
The approval will enable market participants to reference IHS Markit’s financial and commodity indices under BMR, which aims to boost transparency of financial benchmarks and combat the risk of manipulation. BMR is slated to be fully effective in 2020.
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The approval also brings IHS Markit Index Administration Services clients under the BMR remit.
At the same time, it validates independent benchmark administration as an alternative for self-administrators.
IHS Markit managing director and head of Index Administration Services Mark Schaedel said: “IHS Markit has invested a significant amount of resources in BMR compliance, and when appointed as an independent benchmark administrator, we can provide a compliance alternative to clients, which allows them to retain ownership of their indices, and avoid inherent conflicts of interest.
“In addition, as an independent administrator, IHS Markit can provide endorsement for non-European indices which require access to the EU market.”
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By GlobalDataLondon-based IHS Markit offers benchmarks as well as tradable indices across a range of assets such as iBoxx bond indices, iTraxx and CDX indices.
