Index provider Beeland Interests has partnered with Moorgate Benchmarks to ensure the firm’s index range can continued to be used in Europe following the introduction of the EU and UK Benchmark Regulation (BMR).
Beeland Interests is the owner and administrator of CEO Jim Rodgers’ Rogers International Commodity index (RICI) and the RICI Enhanced indices.
As a third country index administrator, Beeland Interests has selected Moorgate Benchmarks to submit its application to become a recognised benchmark administrator under UK BMR.
Moorgate Benchmark will become the UK legal representative for Beeland Interests meaning the firm will provide the formal oversight required for authorisation and has been appointed as a member of the RICI committee.
Moorgate Benchmarks will also submit an application to EU regulators to allow uninterrupted usage of the RICI indices under EU BMR.
This will ensure continued usage of the firm’s index range once the post-Brexit transition periods for both BMRs end.
Commenting on the partnership Rogers, said: “Our partnership with Moorgate Benchmarks allows the RICI team to continue to focus on the indices in the knowledge that they meet global standards of excellence in index governance.”
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Gareth Parker, chief indexing officer at Moorgate Benchmarks, added: “Recognition of indices under UK and EU BMR is a stamp of approval that gives index users confidence in the accuracy and governance of the indices they rely on.
“Moorgate Benchmarks is delighted to be working with Beeland Interests on the RICI and RICI Enhanced indices, to ensure investors and product providers can continue to use them as benchmarks within the UK and EU.”