The International Organization of Securities Commissions (IOSCO) has published a report which sets out its findings following a review into the implementation of IOSCO’s Principles for Financial Benchmarks (the Principles) by The World Markets Company PLC (WM) as administrator of the WM/Reuters 4pm London closing spot rate.
The report sets out:
- the methodology used to conduct the review;
- a discussion of the implementation of each of the Principles by WM (with distinctions drawn between the currency pairs where relevant); and
- where a Principle is yet to be fully implemented: (i) the key reasons why this is not the case; (ii) a description of WM’s plans (if any) to fully implement the Principle (including the timetable for those plans); and (iii) recommended actions for WM to follow in order to fully implement the Principle.
View IOSCO reviews implementation of significant foreign exchange benchmark, 30 September 2014