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Benchmark Rates Should Reflect Real Data, Iosco Says

Global regulators want rates to be based on observable transactions.

By Jim Brunsden and Lindsay Fortado, Bloomberg | Updated on April 16, 2013

Global regulators said interbank lending rates and other so-called market benchmarks should be based on data from actual trades in a bid to restore credibility of indexes tarnished by price-fixing scandals.

A panel led by U.S. Commodity Futures Trading Commission Chairman Gary Gensler and U.K. Financial Conduct Authority Chief Executive Officer Martin Wheatley is also pushing for banks involved in benchmark setting to sign up to a code of conduct as part of a drive to make the process more robust.

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