Board Level Task Force on Financial Benchmarks

In September 2012, IOSCO's Board established a Task Force to identify and consider benchmark related issues (including transparency, methodology, governance, oversight and factors to be considered in transition to an alternative benchmark); and develop principles to support the quality and resilience of benchmarks. The Task Force was created in response to a series of investigations and enforcement action into attempted manipulation of benchmarks.

The Principles for Financial Benchmarks, published in July 2013, are the main output of this work. Subsequently, the Taskforce was asked to review the implementation of the Principles, in coordination with the FSB.

In July 2014, IOSCO published the Review of the Implementation of IOSCO's Principles for Financial Benchmarks by Administrators of Euribor, Libor and Tibor as part of the Financial Stability Board's (FSB) report on Reforming Major Interest Rate Benchmarks. The IOSCO Report assesses the three major interest reference rates against the internationally agreed and endorsed IOSCO Principles for Financial Benchmarks.

IOSCO's Review of the Implementation of IOSCO's Principles for Financial Benchmarks by WM in respect of the WM/Reuters 4.p.m Closing Spot Rate was published in September 2014, as part of the Financial Stability Board's (FSB) report on Foreign Exchange Benchmarks.

Members of the Board Level Task Force on Financial Benchmarks

Chair

Mr. David Lawton, Director of Markets, Financial Conduct Authority, United Kingdom

Members (17)

Australian Securities and Investments Commission, Australia
(Mr. Greg Medcraft, Chairman / Mr. Philip Charlton, Head of International Strategy)

Financial Services and Markets Authority, Belgium
(Mr. Jean-Paul Servais, Chairman)

Comissão de Valores Mobiliários, Brazil
(Mr. Leonardo P. Gomes Pereira, Chairman)

Superintendencia de Valores y Seguros, Chile
(Mr. Carlos Pavez Tolosa, Chairman)

Autorité des marchés financiers, France
(M. Gérard Rameix, President)

Bundesanstalt für Finanzdienstleistungsaufsicht, Germany
(Mr. Felix Hufeld, President)

Securities and Futures Commission, Hong Kong
(Mr. Ashley Ian Alder, Chief Executive Officer)

Commissione Nazionale per le Società e la Borsa, Italy
(Mr. Giuseppe Vegas, Chairman)

Securities Commission, Malaysia
(Mr. Ranjit Ajit Singh, Chairman)

The Netherlands Authority for the Financial Markets, Netherlands, The
(Mr. Gerben J. Everts, Member of the Board of the AFM)

Ontario Securities Commission, Ontario
(Ms. Maureen Jensen, Chair and CEO)

Autorité des marchés financiers, Quebec
(Mr. Louis Morisset, President and Chief Executive Officer)

Monetary Authority of Singapore, Singapore
(Mr. Ravi Menon, Managing Director)

Financial Services Board, South Africa
(Mr. Dube Tshidi, Executive Officer)

Comisión Nacional del Mercado de Valores, Spain
(Mr. Sebastián Albella, Chairman)

Swiss Financial Market Supervisory Authority, Switzerland
(Mr. Michael Loretan, Member of the Executive Board and Head of Asset Management division)

Financial Conduct Authority, United Kingdom
(Ms. Tracey McDermott, Acting Chief Executive Officer)