Parameta Solutions, the global provider of over-the-counter (OTC) market data and a subsidiary of TP-ICAP, the world’s largest interdealer broker, has received approval as an ESMA-authorised benchmark administrator. This development establishes Parameta Solutions as the first data provider to administer OTC benchmarks and indices across Europe and the UK, positioning the company to deliver high governance standards within the EU.
This milestone follows the FCA’s decision in May 2022 to authorise Parameta Solutions as a UK benchmark administrator.
Benchmarks have come under increased regulatory scrutiny of late. As a result of Brexit, all UK benchmark administrators must obtain EU benchmark approval by 31 December 2023 to operate within the EU. By securing dual authorisation ahead of the deadline, Parameta Solutions ensures robust governance standards are in place, enabling them to continuously support and create benchmarks for clients across Europe.
Rushmi Katyal, Chief Governance, Risk and Controls Officer at Parameta, commented on the achievement, saying: “Our recognition as a benchmark administrator will enable us to provide the highest possible governance standards within the EU. Working in conjunction with the regulators, we have established a consistent foundation for compliance, which will provide our clients with additional peace of mind when using our benchmarks.”
Anand Venkataraman, Head of the Benchmark and Indices Product Team at Parameta Solutions, emphasised the importance of this approval in the current regulatory climate, adding: “Post Brexit, clients are increasingly looking to benchmarks to enhance their risk management processes. By being approved early in the benchmark transition period, our clients can rest assured that we are fully compliant and transparent.”
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