LONDON--(BUSINESS WIRE)--Moorgate Benchmarks (“Moorgate”), the independent service provider to the index industry, today announced that it is now authorised by the Financial Conduct Authority (“FCA”) as a Benchmark Administrator under the European Benchmarks Regulation (“BMR”). Moorgate’s BMR status is a reflection of the company’s high standards in benchmark administration, and the quality, reliability and integrity of its benchmark services.
Benchmarks are a vital part of the investment ecosystem, enabling the independent assessment of investment manager performance, and underlying the creation of tradable investment products that give investors access to a huge variety of different investment opportunities, themes and strategies.
The FCA authorisation will allow Moorgate to continue to provide superior indexing services throughout Europe once the regulation comes into force on January 1st 2020, when unauthorised index providers will have to cease European use of their benchmarks. It will also allow Moorgate to continue to offer services that allow non-EU index providers to maintain access to the European financial markets. In the event the UK leaves the EU, Moorgate will be able to offer services that allow EU and third country index providers to maintain access to the UK financial markets.
Gareth Parker, Chief Indexing Officer of Moorgate, said: “Our authorisation as a Benchmark Administrator is the result of pre-existing strong governance and months of detailed project work. The BMR team at Moorgate can now focus on assisting our third country recognition and endorsement clients gain their own authorisations.”
Tobias Sproehnle, Chief Executive Officer of Moorgate, said: “The European Benchmarks Regulation is the most important piece of legislation for the index industry, and represents a global standard of excellence in the provision of index services. Receiving FCA authorisation as a Benchmark Administrator is a key step for Moorgate and we are very proud to have achieved this milestone.”
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Moorgate Benchmarks leverages years of experience to help clients build passive management strategies, design, introduce and calculate indices, plan and implement index governance systems and meet their regulatory obligations. We offer expertise and experience derived from intimate knowledge of the world’s best index providers, without imposing on our clients their requirement for ongoing asset-based fees.