Thomson Reuters Benchmark Services Approved as EU Benchmark Administrator

The approval is comprehensive across asset classes and covers the TRBSL’s 4 key rates benchmarks.

Thomson Reuters, through its wholly-owned subsidiary Thomson Reuters Benchmark Services Limited (TRBSL), has been granted approval by the EU financial regulators to operate as an authorized benchmark administrator under the European Benchmark Regulation (BMR).

This authorization allows market participants to continue referencing the broad range of financial indices that Thomson Reuters has been involved in calculating, administering and distributing for over a quarter of a century. The information vendor currently offers proprietary benchmarks and tradable indices across various assets and publishes 350 benchmarks in more than 90 countries.

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The approval is comprehensive across asset classes and covers the TRBSL’s four key rates, including WM/Reuters London 4 pm Closing Spot Rate, Canadian Dollar Offered Rate (CDOR), Canadian Overnight Repo Rate Average (CORRA) and Saudi Arabia Interbank Offered Rate (SAIBOR)

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The EU BMR introduces a common framework to ensure the accuracy and integrity of regulated indexes used as benchmarks in the European Union.

A subsidiary of Thomson Reuters, TRBSL was founded in 2014 to administer and calculate a wide range of benchmarks across all major asset classes globally. The company said in a statement that it would continue to work with benchmark owners inside and outside the EU to ensure continuity of use for their benchmarks in the EU.

Commenting on the new, Stephan Flagel, global head of benchmarks and indices at Thomson Reuters, said: “We welcome the new EU Benchmark regulation that will further increase the trust that banks, asset managers, and consumers invest in global and regional benchmarks. As a provider of trusted benchmarks and indices services globally, Thomson Reuters, one of very few benchmark administrators that were already regulated by the FCA before the introduction of the EU BMR, has long been committed to administering benchmark rates and indices which are designed to be reflective of the markets and trusted by many of our customers.”

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