28 July 2017
Download the paper now.

Thomson Reuters establishes subsidiary to handle financial benchmarks

10 March 2014  |  5212 views  |  0 Financial numbers

Thomson Reuters has established a new subsidiary to handle its involvement in calculating financial benchmarks, which are set to operate under tougher regulations in the wake of widescale abuses by bank data suppliers.

Thomson Reuters Benchmark Services Limited (TRBSL) has achieved authorisation by the Financial Conduct Authority (FCA) for the firm's ongoing role as a calculator of Libor, the benchmark at the centre of a scandal over rate rigging by participating banks.

Libor is the first benchmark to fall under the aegis of new regulations, with many more expected to follow. TRBSL intends to assume the governance and control of other financial benchmarks in the firm's 160-strong global benchmark portfolio, operating in accordance with new integrity guidelines laid down by Iosco last year and set to come into force in July 2014.

Over the past year, Thomson Reuters has been chosen to publish 11 new benchmarks as either the sole administrator or on behalf of partner administrators. The financial information giant administers, calculates and distributes OTC financial benchmarks on behalf of a number of market associations and 52 central banks, including Hibo, Sibor and Isdafix, as well as producing Thomson Reuters indices covering equities, bonds, and commodities.

John Cooley, global head of indices and reference rates, Thomson Reuters, says: "Over the past 18 months, we have been working closely with global regulators, authorities and agencies to ensure that as an industry we collectively enhance and re-establish trust in key benchmarks and continue to support the vital role they play in financial markets. Our global benchmark portfolio means that we can do this at scale, applying learnings and best practice across multiple benchmarks and jurisdictions."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Thomson Reuters bids to improve banks' benchmark submissions

Thomson Reuters bids to improve banks' benchmark submissions

27 January 2014  |  4070 views  |  0 comments | 4 tweets | 5 linkedin
Nyse Euronext to take control of Libor

Nyse Euronext to take control of Libor

09 July 2013  |  7352 views  |  0 comments | 4 tweets | 4 linkedin
RVS hires Milne to spearhead European expansion; Libor in crosshairs

RVS hires Milne to spearhead European expansion; Libor in crosshairs

03 October 2012  |  6044 views  |  1 comments
Libor reform sparks market data tender scramble

Libor reform sparks market data tender scramble

28 September 2012  |  6990 views  |  0 comments
Barclays COO who quit over Libor scandal gets £8.75m pay-off

Barclays COO who quit over Libor scandal gets £8.75m pay-off

26 July 2012  |  6329 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.finastra.comdownload the paper now

Who is commenting?

Top topics

Most viewed Most shared
US firm to implant employees with RFID chipsUS firm to implant employees with RFID chi...
9389 views 16 comments | 33 tweets | 38 linkedin
Credit scoring startup Aire raises $5m; wins Zopa dealCredit scoring startup Aire raises $5m; wi...
8427 views comments | 9 tweets | 8 linkedin
hands typing furiouslyHow automation can help transform the fina...
8073 views 0 | 6 tweets | 2 linkedin
Industry task force sets out US path to faster paymentsIndustry task force sets out US path to fa...
7825 views comments | 5 tweets | 7 linkedin
Santander looks to smooth fintech integration with BiBoxSantander looks to smooth fintech integrat...
7270 views comments | 16 tweets | 15 linkedin