The International Organization of Securities Commissions (IOSCO) has published a webpage on its review of the implementation of IOSCO’s principles for financial benchmarks by administrators of the London Interbank Offered Rate (LIBOR), the Euro Interbank Offered Rate (EURIBOR) and the Tokyo Interbank Offered Rate (TIBOR).
The review considers the degree to which the administrators of LIBOR, EURIBOR and TIBOR have complied with the IOSCO principles, which were published in July 2013. IOSCO found that, whilst significant progress had been made in implementing the majority of these principles, plenty of work remains to be done on benchmark design, data sufficiency and transparency of benchmark determinations.
The review contains recommendations for each administrator on remedial action to strengthen the implementation of the principles. IOSCO expects each administrator to develop and submit to its regulator, where available, its work plan to address these recommendations by the end of 2014 (or earlier, if the regulator requires).
IOSCO recommends that a further implementation review should be carried out in mid-2015 to determine what progress administrators have made in addressing IOSCO’s recommendations.
View IOSCO reviews implementation of benchmarks by Interest Rate Administrators, 22 July 2014
View Review of the implementation of IOSCO’s Principles for Financial Benchmarks by Administrators of EURIBOR, LIBOR and TIBOR, 22 July 2014