Benchmark regulations and services
We are committed to publishing independent and transparent benchmark rates, designed to be reflective of the markets and meet regulatory standards.
We are the administrator of more than 30 key rates. Our EU BMR approved entity is Refinitiv Benchmark Services (UK) Limited, which is the administrator of a number of rates.
End-to-end benchmark administration
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.
Restoring trust, promoting transparency in benchmark rates
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.
Our flexible service offering
- 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 to ensure alignment with the IOSCO principles and compliance with any other global regulatory standards
The broadest benchmark coverage
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 is the administrator of numerous indices and benchmarks.
Refinitiv assigned Refinitiv Benchmark Services (UK) Limited (‘RBSL’) to be the regulated administrator of certain benchmarks, such as those used within the EU and thus caught by the EU Benchmark Regulation (EU BMR). RBSL is authorized by the FCA, as listed on the ESMA Register, to administer benchmarks under the EU BMR.
The following benchmarks have been moved to be administered by RBSL since the end of December 2019. The migration has happened therefore it’s okay for users to use them prior to the benchmark statement being published in mid-January 2020.
- WM/Refinitiv Spot, Forward and NDF benchmark rates
- Refinitiv/CoreCommodity CRB® Index
- Refinitiv Convertible Indices
Going forward, we will continue to carry out our commitment to EU BMR.
Note: For those benchmarks administered by a non-EU entity within Refinitiv (i.e. a third country administrator), Refinitiv has until the end of the BMR Extension Transition period (Dec 2021) to migrate those benchmarks into an authorized benchmark administrator (i.e. RBSL).
Those Refinitiv benchmarks that fall under the BMR Extension Transition period and are under consideration for migration before the end of 2021 are:
- Tokyo Swap Rates (administered by RAPL, Refinitiv Asia Pacific Limited)
- Refinitiv Local Currency Indices
- Refinitiv IX Global ESG Equal Weighted Index
- Refinitiv IX Global ESG High Dividend Low Volatility Equal Weighted Index
- Refinitiv IX Western Europe Small & Mid Cap Index
- Refinitiv GL Large/Mid D&I Ex Controversial Weapons Equal Weight Index
- Refinitiv Global Equal Opportunities Select Index
- Refinitiv Global Resource Protection Select Index
- Refinitiv Europe Equal Opportunities Select Index
- Refinitiv Country, Regional and Sector Indices
- Refinitiv Diversity & Inclusion Index
- Refinitiv Eurozone ESG Select Index
Refinitiv will perform further assessments to the following Refinitiv benchmarks and notify the users in later stage whether Refinitiv will migrate them by Dec 2021:
- Refinitiv VNIBOR USD Benchmark
- Refinitiv VNIBOR VND Benchmark
- Refinitiv VNDFX Spot and Forward Rates
- Refinitiv VNDFX VND Reference Rate
Refinitiv Benchmark Services (UK) Limited
European Benchmark Regulation (EU/BMR)
Refinitiv Benchmark Services (UK) Limited (“RBSL”) has been designated as the administrator of regulated benchmarks for Refinitiv, and is approved as an authorized administrator under EU BMR by the FCA.
Commitment and experience
International Organization of Securities Commissions (IOSCO) principles for financial benchmarks
We are aligned with the IOSCO Principles for Financial Benchmarks, and have been instrumental in leading the global debate on the future of benchmarking, which culminated in the IOSCO Principles.
Benchmarks administered by us are aligned with the IOSCO Principles. We have been working to ensure full observance of these principles across all benchmarks that we administer.
Features & benefits
How are we staying compliant?
We work to improve the calculation, management, and governance of our benchmarks and indices to reflect the highest standards.
We work continuously to ensure we meet all applicable regulation and industry guidance.
We work with clients, submitters, regulators, government agencies, and trade bodies to raise standards across the industry.
We strive to meet or exceed the requirements of global regulatory reforms.
Find out more
Relevant benchmark information
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