Markit, a global diversified provider of financial information services, confirmed that it will administer its benchmarks in compliance with the International Organization of Securities Commissions (Iosco) final report on principles for Financial Benchmarks.
The objective of the Iosco principles is to create an overarching framework for benchmarks used in financial markets that should be implemented by benchmark administrators and submitters.
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These principles are intended to promote the reliability of benchmark determinations and address benchmark governance, quality and accountability mechanisms.
Markit will administer its benchmarks in compliance with the principles by the end of 2014, focusing on transparency, controls, governance and conflicts of interest management.
Armins Rusis, managing director and cohead of Information at Markit, said: "Markit fully supports the Iosco principles and evolving regulations regarding benchmark administration, which are consistent with the objectivity, transparency and governance by which Markit has always sought to administer its indices and underscores their independence and objectivity.
Our new compliance framework will help our customers and contributors to efficiently and comprehensively adhere to the Iosco requirements.
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By GlobalDataAfter extensive consultation with customers, we intend to apply the same approach to our custom index business which provides customers with indices of their own design."
