The report sets out the findings of Review of the implementation of IOSCO’s Principles for Financial Benchmarks by the administrators of the EURIBOR, LIBOR and TIBOR.
This report provides an overview of findings, background to the review, details of how the review was conducted, as well as more detailed findings in respect of each individual administrator.
The Review was conducted, and this report was prepared, by a Review Team constituted of staff drawn from IOSCO members. The composition of the Review Team is set out later in the report.
This report is a follow-up to IOSCO’s Review of the administrators of the IBORs, which was published in July 2014.
The First Review contained remedial recommendations for the three administrators intended to strengthen their implementation of the Principles.
This report sets out the findings of the Review into the direction of travel taken by the administrators towards implementing the recommendations of the First Review.
The Review found that all three administrators have been proactively engaged in addressing the issues raised by the First Review. Similarly to the First Review, this Review found that there was an important distinction between the level of progress made in implementing the Principles related to the quality of the benchmark and the other Principles which deal with governance, transparency and accountability.
The full IOSCO report, its findings and related documents can be found here.