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Benchmark compliance

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.

Refinitiv Benchmarks

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 4 rates.

Benchmark Services

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.

Announcement

Refinitiv Limited (‘RL’) is the administrator of numerous indices and benchmarks.

RL 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.

As a next step, the following benchmarks will move to be administered by RBSL by the end of December 2019:

  • WM/Reuters Spot, Forward and NDF benchmark rates
  • Thomson Reuters/CoreCommodity CRB® Index
  • Thomson Reuters Convertible Indices

Note: For those benchmarks administered by a non-EU entity within the global Refinitiv Group (i.e. a third country administrator), RL 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 RL benchmarks that fall under the BMR Extension Transition period and are under consideration for migration before the end of 2021 are:

  • Thomson Reuters Local Currency Indices
  • Thomson Reuters IX Global ESG Equal Weighted Index
  • Thomson Reuters IX Global ESG High Dividend Low Volatility Equal Weighted Index
  • Thomson Reuters IX Western Europe Small & Mid Cap Index
  • Thomson Reuters GL Large/Mid D&I Ex Controversial Weapons Equal Weight Index
  • Thomson Reuters Global Equal Opportunities Select Index
  • Thomson Reuters Global Resource Protection Select Index
  • Thomson Reuters Europe Equal Opportunities Select Index
  • Thomson Reuters Country, Regional and Sector Indices
  • Thomson Reuters Diversity & Inclusion Index

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.

RBSL administers:

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? 

Continuously improving

We work to improve the calculation, management, and governance of our benchmarks and indices to reflect the highest standards.

Meeting regulation

We work continuously to ensure we meet all applicable regulation and industry guidance.

Raising standards

We work with clients, submitters, regulators, government agencies, and trade bodies to raise standards across the industry.

Meeting regulatory reforms

We strive to meet or exceed the requirements of global regulatory reforms.