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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 UK Benchmark Regulation approved entity is Refinitiv Benchmark Services (UK) Limited, which is the administrator of a number of 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.
Announcements
March 17, 2021
ARRC announces Refinitiv as publisher of its spread adjustment rates for cash products
January 11, 2021
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.
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.
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?
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.
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