French financial services provider Napoleon Group’s index administrator has been registered as a benchmark agent by the French financial regulator, l’Autorité des Marchés Financiers (AMF).
Napoleon Index was approved by the AMF on 28 February under the European Union Benchmarks Regulation (BMR).
The provider is the index administrator and calculation agent division of Napoleon Group for quantitative and discretionary strategies. It calculates proprietary benchmarks using machine learning algorithms.
The tailor-made index solutions are created for investment banks, asset managers, broker-dealers and open source trading strategists.
These indices are distributed through regular data vendors, on the firm’s website and on the public Ethereum blockchain for audit trail. The platform offers an optional audit tracking system based on blockchain technology, which the firm says helps improve transparency and security.
Stephane Ifrah, CEO of Napoleon Group, commented: “Napoleon Index is the first benchmark calculator and administrator to offer audit tracking using blockchain technology to asset managers and investment banks across Europe.
“This is another way in which blockchain can be applied to bring a significant benefit in efficiency, security and transparency to fund providers and their clients.”