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November 21, 2017

Webinar: Recent Developments in Fixed Income Index Regulation, Ownership and Constituent Pricing


The last few months have seen a sea change in the landscape for fixed income benchmarks and indices. The LIBOR scandal has prompted global regulators to look at how these indices are constructed and maintained and whether this process represents a conflict of interest or offers opportunities for manipulation.

New rules from IOSCO and more recently from the European Commission have stressed the need for independence and transparency of pricing and calculation and stronger governance and oversight of contributions and outputs.

At the same time, there has been a shake-up in the ownership structure of the index market, with previously bank-owned families of indices being acquired by commercial data and index vendors.

With many of these vendors also owning proprietary bond pricing units, this raises some questions for index users about how independent, accurate and transparent index pricing can be if the only source for constituent valuation is an in-house operation.

In October, Thomson Reuters commissioned Voltaire Advisors to survey index users on this issue. The results of this survey and accompanying analysis will be presented in this webinar.

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