Bloomberg Index Services has been authorised by the Financial Conduct Authority (FCA) to be a UK benchmark administrator under the European Union benchmark regulation (BMR).
The index provider has conducted its services since 2014 with a wide range of Bloomberg Barclays fixed income indices. The firm has recently ventured into the equity asset class having launched a US large cap suite of indices.
Following the green light by the UK regulator, Bloomberg will be able to continue offering its indexing services within Europe after the 1 January 2020 deadline.
BMR was introduced by the European Union in 2018 following manipulation scandals of major interest rates such as LIBOR and EURIBOR back in 2012.
Since then, index providers have been seeking authorisation from their domestic regulators do be registered as an administrator to continue acting as benchmark providers for ETF issuers.
Steve Berkley, CEO and global head of Bloomberg Indices, commented: “We are pleased that we have received authorisation from the FCA as a regulated administrator.
“Today’s news underscores our commitment to upholding the industry’s regulatory standards to ensure the accuracy and integrity of benchmarks.”