Release Date: 18 July 2013
Contact:  James White, +44 (0)20 7743 9367, 
Liz Pierce, +1 212 313 1173,  

GFMA Comments on IOSCO’s Principles for Financial Benchmarks

London, 18 July 2013-The Global Financial Markets Association (GFMA) today released the following statement from Simon Lewis, chief executive, in response to the International Organization of Securities Commissions’ (IOSCO) final Principles for Financial Benchmarks:

“GFMA strongly supports an international, principles-based framework for the development and issuance of financial benchmarks.  IOSCO’s Principles represent an important step forward in improving benchmark practices and promoting the integrity of financial benchmarks that will enhance investor confidence in these indices.

“The financial industry has both a responsibility and a strong commercial interest in ensuring the integrity of the benchmarks in use. In September 2012, GFMA published its principles  for financial benchmarks to provide support and input into regulatory dialogue on benchmark integrity. We are encouraged to see alignment between the IOSCO Principles and GFMA’s Best Practices. IOSCO’s emphasis on sound governance, a transparent benchmarking process and a robust control environment represent the right path forward for enhancing financial benchmarks.

“Further, we believe IOSCO has appropriately tailored its Principles to cover the broad scope of benchmarks across major asset classes while also avoiding a “one size fits all” approach. We agree with IOSCO that the specific application of the Principles should be tailored to the nature of individual benchmarks, with the greatest regulatory oversight reserved for widely-used benchmarks with systemic significance.”Moving forward, we encourage public officials and all market participants to minimize departures from the internationally agreed IOSCO framework. Adhering to this framework will ensure uniform standards are observed, while streamlining compliance requirements for the industry. The financial industry must proactively work to strengthen benchmarking practices and improve investor confidence in these indices.”




1.  The Global Financial Markets Association (GFMA) brings together three of the world’s leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. For more information, visit