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11 March 2013

IOSCO publishes responses to Financial Benchmark Consultation

The International Organisation of Securities Commissions (IOSCO) has published the comment letters on the Consultation Report on Financial Benchmarks issued on 11 January, 2013.

The Consultation Report discusses concerns regarding the potential inaccuracy or manipulation of  Benchmarks and identifies Benchmark-related policy issues across securities and derivatives and other  financial sectors including:

  • the appropriate level of regulatory oversight of the process of Benchmarking;
  • standards that should apply to methodologies for Benchmark calculation;
  • credible governance structures to address conflict of interests in the Benchmark-setting  process within the reporting financial institutions as well as in the oversight bodies; and
  • the appropriate level of transparency and openness in the Benchmarking process.

The Consultation also considers issues that market participants might confront when seeking to  make the transition to a new or different Benchmark.

Press release

Comment letters


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