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.
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