Thomson Reuters has established a new subsidiary called Thomson Reuters Benchmark Services (TRBSL) to prepare for the regulation of financial benchmarks.
The new subsidiary will facilitate compliance with the IOSCO (International Organization of Securities Commissions) principles for benchmark administrators ahead of the 1 July 2014 deadline.
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TRBSL intends to assume the governance and control of other financial benchmarks in Thomson Reuters 160-strong global benchmark portfolio.
TRBSL has been now authorised and regulated by the UK’s Financial Conduct Authority (FCA) for Thomson Reuters ongoing role as calculator of LIBOR.
According to Thomson Reuters, the new subsidiary enables it to enhance and evolve its benchmark governance and compliance activities across jurisdictions and work with global regulators to obtain accreditation for other benchmarks that are chosen for regulation.
John Cooley, global head of indices and reference rates at Thomson Reuters, said: "Over the past 18 months, we have been working closely with global regulators, authorities and agencies to ensure that as an industry we collectively enhance and re-establish trust in key benchmarks and continue to support the vital role they play in financial markets.
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By GlobalData"Our global benchmark portfolio means that we can do this at scale, applying learnings and best practice across multiple benchmarks and jurisdictions."
