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  • European Commission: Proposal For A Regulation On Indices Used As Benchmarks In Financial Instruments And Financial Contracts – Frequently Asked Questions

    Date 18/09/2013

    General questions

    1. What are indices and benchmarks and how are they used in financial markets?

    An index is a statistical measure, typically of a price or quantity, calculated from a representative set of underlying data. When this index is used as a reference price for a financial instrument or financial contract it becomes a benchmark. Notable examples are the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR) which serve as benchmarks for interest rates. The manipulation of LIBOR and EURIBOR has sparked concerns about the integrity of benchmarks around the world.

    Benchmarks determine the value of many financial instruments and payments under many financial contracts as well as being used to measure the performance of investment funds; e.g. the interest rate paid on a mortgage can be set by reference to an interest rate benchmark, and the investment and pension funds in which many citizens invest use benchmarks. Estimates suggest that the value of financial instruments and contracts referenced by benchmarks exceeds 1 000 trillion euro. If benchmarks do not reflect accurately what they are meant to measure, the price or payments will not be fair. Benchmarks can fail to measure what they are meant to when they are manipulated or are not representative. Confidence in their use may also be undermined when they are not robust and reliable.

  • Statement By SEC Chair Mary Jo White At The SEC Open Meeting, Washington, D.C.

    Date 18/09/2013

    Good morning.   This is an open meeting of the U.S. Securities and Exchange Commission on September 18, 2013, under the Government in the Sunshine Act.

  • IOSCO And IFRS Foundation Agree Joint Protocols To Enhance Consistency In The Implementation Of IFRS Globally

    Date 18/09/2013

    The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation today announced that they have agreed on a set of protocols under which the two organisations will deepen their cooperation in support of their shared commitment to the highest standards of financial reporting globally.

  • Statement By SEC Commissioner Michael S. Piwowar At Open Meeting Regarding Municipal Advisors And Pay Ratio Disclosure

    Date 18/09/2013

    Thank you, Chair White.

  • IOSCO Reinforces Standard On Cross-Border Cooperation

    Date 18/09/2013

    The International Organization of Securities Commissions (IOSCO) today adopted measures to encourage non-signatory members to sign the IOSCO Multilateral Memorandum of Understanding on cooperation and exchange of information.  Established in 2002, the MMoU is the instrument used by securities regulators around the world to fight the cross-border financial services misconduct that can weaken global markets and undermine investor confidence.