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Financial benchmarking

Refinitiv benchmarks

We are the administrator, calculator, and publisher of more than 290 OTC benchmarks across all major asset classes.

Notice of ESMA Benchmark Administrator Register change due to expiration of Brexit transition period.

The benchmark provider of choice

For more than a quarter of a century, we have been designing, calculating, governing, and publishing the financial benchmarks that lie at the heart of the global financial system. Our portfolio is unmatched, spanning all major asset classes and regions worldwide.

Central Banks and local authorities around the world look to us as the pre-eminent provider of financial benchmark services, whether it is by calculating a benchmark for an administrator, or assuming the responsibility for the benchmark as Administrator ourselves.

Announcement

Notice of ESMA Benchmark Administrator Register change due to expiration of Brexit transition period

Since authorisation in 2018, RBSL has been listed on the ESMA Register for benchmark administrators. Following ESMA's public statement on 1 October 2020, at the end of the Brexit transition period (currently 31 December 2020), UK benchmark administrators (including RBSL) will be removed from the ESMA register and will become third country administrators under the EU Benchmark Regulation (‘EU BMR’).

However, EU BMR provided a third-country transition period during which third country administrators (including RBSL) can continue providing benchmarks (including all RBSL benchmarks) for use by EU supervised entities. The transition period is until 31 December 2021 and is currently being extended until 31 December 2023. Third country administrators will have until the end of this transition period to gain permission under EU BMR using one of three pathways, specifically the UK BMR is granted ‘equivalence’, RBSL is granted ‘recognition’ as administrator, or RBSL’s benchmarks are granted ‘endorsement’.

The transition period will enable RBSL to execute its Brexit strategy and ensure regulatory permission is gained under EU BMR before the end of the period.

This does not affect RBSL’s authorisation with the UK FCA as a UK benchmark administrator, and RBSL will continue to appear on the UK FCA Register. Following the FCA's public statement on 1 December 2020, at the end for the Brexit transition period (currently 31 December 2020), UK benchmark administrators (including RBSL) will be listed on the FCA’s new UK Benchmarks Register.

Benchmark Services

Refinitiv is the administrator of more than 30 key rates, and calculation agent for over 40 important national and regional interest rates and FX rates in 12 different countries, such as Singapore, Hong Kong and Russia.

Refinitiv assigned Refinitiv Benchmark Services (UK) Limited (‘RBSL’) to be the regulated administrator of certain benchmarks, such as those listed here

RBSL is authorised and regulated in the UK by the Financial Conduct Authority (“FCA”) and is listed on the FCA Register –  Reference Number 610678. RBSL has Part IV permission to administer benchmarks and has been Authorised by the FCA to administer benchmarks under the UK Benchmark Regulation. 

Following the FCA's public statement on 1 December 2020, at the end of the Brexit transition period (currently 31 December 2020), UK benchmark administrators (including RBSL) will be listed on the FCA’s new UK Benchmarks Register.

  • Our record in end-to-end benchmark administration is proven. With a robust regulatory framework and ironclad infrastructure, we are uniquely positioned to provide benchmarks built with integrity, transparency and trust.

    Where we provide services in connection with benchmark administration, we do so in a manner that is aligned with the International Organisation of Securities Commissions (IOSCO) principles.

    We designate RBSL as the administrator of regulated benchmarks, which is approved by the FCA as an authorized administrator under the UK Benchmark Regulation.

  • Our culture is committed to integrity.

    We are a recognized leader in efforts across the financial industry to re-establish and restore confidence in benchmark rates. We have gained a reputation in the benchmarking business which has resulted in regulators soliciting our input for reform work under way.

    • Secure, auditable and accurate collection, calculation and distribution of benchmarks based on contributions, such as Interbank offered rates, or trade based benchmarks, on behalf of administrators
    • Scrutiny and surveillance of inputs and outputs
    • Governance and administration of benchmarks
    • Secure storage of all inputs, outputs and communications (both electronic and voice) connected with benchmark calculation for later audit
    • A range of models for the implementation and administration of fee liability for benchmark data
    • Consultancy services on all the above and on the design of new benchmarks and reform of existing benchmarks align with the IOSCO principles. We continue to carry out our commitment to ensure the RBSL benchmarks are compliant with the UK Benchmark Regulation.
  • The breadth and depth of our benchmark portfolio is unmatched, spanning all major asset classes and regions worldwide.

    Refinitiv is the administrator of more than 30 key rates. We also calculate about 50 rates and publish more than 300 OTC benchmarks.

Refinitiv Benchmark Services (UK) Limited

Refinitiv Benchmark Services (UK) Limited (“RBSL”) has been designated as the administrator of regulated benchmarks for Refinitiv, and is approved by the FCA as an authorized administrator under the UK Benchmark Regulation.

Currently RBSL administers: