FSB has published a report on its work on benchmark reforms. The report explains the work of the Official Sector Steering Group which is co-chaired by Martin Wheatley. The group recommended FSB endorse the International Organisation of Securities Commissions (IOSCO) Principles for Financial Benchmarks (see FReD 18 July) and FSB has done so. The group will now focus on:
- recommendations for conducting assessments of the governance and processes that relate to existing interest rate benchmarks using the endorsed IOSCO Principles; and
- encouraging the private sector to identify additional benchmark rates.
The group will report back to FSB with analysis and recommendations by June 2014. (Source: FSB Reports on Benchmark Reform Progress)