GFMA, the Global Financial Markets Association, has developed best practice standards for conducting benchmark price assessments that would serve to enhance confidence in such assessments and, more generally, would promote both the integrity and efficiency of the global financial markets. GFMA first issued its principles in preliminary form in September, and refined them based on a series of discussions with various benchmark participants on their clarity and practicality. The refinements were also informed by regulatory reports, including the Wheatley Review and the recent EC consultation as well as the IOSCO review of benchmarks in the commodities markets.
Read the report here.