The Federal Reserve Bank of New York’s Audit Group has independently reviewed the organizational and operational framework used to administer the EFFR and the OBFR and has determined that they are in compliance with the Principles for Financial Benchmarks published by the International Organization of Securities Commissions (IOSCO).
In 2013, IOSCO published its principles, which have been endorsed by the Financial Stability Board as being standards of best practice for benchmark administration. Because the Federal Reserve Bank of New York is a component of the Federal Reserve System and administers the EFFR and the OBFR for public policy purposes, the EFFR and the OBFR are not within the scope of the principles. However, as a matter of policy, the Federal Reserve Bank of New York is committed to administering the benchmarks in a manner consistent with the Principles.