IHS Markit has been approved by the Financial Conduct Authority (FCA) as an authorised benchmark administrator under the European Benchmark Regulation (BMR).
Following approval, market participants will be allowed to continue referencing the broad range of financial and commodity indices from IHS Markit under BMR.
The FCA’s authorisation also confirms BMR compliance for IHS Markit Index Administration Services clients, and recognises independent benchmark administration as a valid alternative for self-administrators under BMR.
“IHS Markit has invested a significant amount of resources in BMR compliance, and when appointed as an independent benchmark administrator, we can provide a compliance alternative to clients, which allows them to retain ownership of their indices, and avoid inherent conflicts of interest,” said Mark Schaedel, managing director and head of Index Administration Services at IHS Markit.
“In addition, as an independent administrator, IHS Markit can provide endorsement for non-European indices which require access to the EU market.”
IHS Markit recently launched the Vendor Management Portal (VMP), a comprehensive solution for vendor risk tiering and vendor management workflow. The company said it has combined its VMP with its KY3P due diligence service to offer firms a comprehensive system to centralise the management of third-party relationships, assess and monitor third-party risk and perform vendor due diligence.
In May, IHS Markit expanded its MarkitSERV integrated reporting solution to CME Group’s trade repositories in Australia and Europe. MarkitSERV is part of a suite of trade reporting services from MarkitSERV, supporting multiple asset classes, repositories and jurisdictions. It provides a controlled and customisable solution for regulatory reporting, supplying clients with static data management, business rules, dashboards, workflow and reconciliation tools.
The company also recently added due diligence verification to its third-party due diligence service. By standardising how the financial industry verifies due diligence information, IHS Markit said it wants to improve efficiency throughout the third-party risk management process.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
