The International Organization of Securities Commissions’ (IOSCO) Principles for Financial Benchmarks (the Principles) were published in July 2013 with the aim of creating an overarching framework of principles for benchmarks used in financial markets, covering governance and accountability as well as the quality and transparency of benchmark design and methodologies.

IOSCO subsequently conducted a review to chart the extent to which the Principles have been implemented by a sample of benchmark administrators across different asset classes and geographies, allowing for comparisons based on these characteristics.

IOSCO has now published a report setting out the results of its review of the Principles.

Key findings include:

  • there has been significant market reaction to the Principles and widespread efforts have been made to implement them;
  • the benchmarks industry is in a state of change, as seen from the reported levels of administrators continuing to work towards compliance with the Principles as well as examples of benchmarks being transitioned to new methodologies and administrators; and
  • further steps may need to be taken by IOSCO in the future but that it is too early to determine what those steps should be.

View Review of the Implementation of IOSCO’s Principles for Financial Benchmarks, 25 February 2015