Industry Updates

TP ICAP appoints Moorgate Benchmarks as benchmark administrator

George Geddes

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TP ICAP has appointed Moorgate Benchmarks as the independent benchmark administrator for its interest rate swap benchmarks.

Moorgate Benchmarks will administer 20 of the International Swap and Derivatives Association (ISDA) referenced benchmarks.

A constituent of the FTSE 250, TP ICAP is formed of a portfolio of businesses including global broking, energy and commodities, institutional services and data analytics

The appointment is on behalf of TP ICAP for both its broking businesses, ICAP and Tullett Prebon, ensuring full compliance with the EU Benchmarks Regulation.

Moorgate Benchmark’s role will also include trying to ensure the highest standard of accuracy, integrity and governance is met.

Regulatory uncertainty continues for benchmark administrators amid mounting market focus on their activities

Tobias Sproehnle, chief executive officer of Moorgate Benchmarks, commented: “As TP ICAP's independent benchmark administrator, we will ensure that TP ICAP’s benchmarks continue to reflect best practices and rigorous governance standards in an evolving and increasingly complex regulatory landscape.”

Martin Lynch, regional head of global broking EMEA and COO global broking at TP ICAP, added: “Sourcing liquidity for our clients efficiently and effectively across multiple asset classes and regions demands that we maintain governance and compliance best practice.

“Our partnership with Moorgate Benchmarks provides clients with assurance that our ISDA-referenced rates are fully compliant with the EU Benchmarks Regulation, whilst further strengthening our governance processes.”

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