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
Mr. Edwin Schooling Latter, Head of Markets Policy, Financial Conduct Authority, United Kingdom
Australian Securities and Investments Commission, Australia
(Mr. Gerard Fitzpatrick, Senior Executive Leader, International)
Financial Services and Markets Authority, Belgium
(Mr. Jean-Paul Servais, Chairman)
Comissão de Valores Mobiliários, Brazil
(Mr. João Pedro Barroso do Nascimento, Chairman)
Comisión para el Mercado Financiero (Financial Market Commission), Chile
(Mr. Joaquín Cortez Huerta, President)
Bundesanstalt für Finanzdienstleistungsaufsicht, Germany
(Mr. Mark Branson, President)
Securities and Futures Commission, Hong Kong
(Ms. Julia Leung, Chief Executive Officer)
Ontario Securities Commission, Ontario
(Mr. Grant Vingoe, Chief Executive Officer)
Autorité des marchés financiers, Quebec
(Mr. Louis Morisset, President and Chief Executive Officer)
Monetary Authority of Singapore, Singapore
(Mr. Ravi Menon, Managing Director)
Financial Sector Conduct Authority, South Africa
(Ms. Astrid Ludin, Deputy Commissioner / Ms. Elmarie Hamman, Specialist)
Comisión Nacional del Mercado de Valores, Spain
(Mr. Rodrigo Buenaventura, Chairman)
(Mr. Anders Kvist, Senior Advisor to the Director General)
Financial Conduct Authority, United Kingdom
(Mr. David Lawton, Director of Markets / Mr. Edwin Schooling Latter, Head of Markets Policy)