STOXX, the operator of Deutsche Boerse Group, has been recognised as a benchmark administrator under the European Union’s Benchmark Regulation (BMR).

BMR was introduced by the EU following manipulation scandals of major interest rates such as LIBOR and EURLIBOR back in 2012.

The regulation has been put in force since 1 January 2018 and means benchmark users, such as ETF issuers, have until 1 January 2020 to use non-authorised EU benchmarks or until 31 December 2021 to use third-party (non-EU) benchmarks.

STOXX indices are now included in the European Securities and Markets Authority’s register and join the likes of German-based Solactive and Moorgate Benchmarks.

It was highlighted by ETF Stream in April that big providers such as STOXX and Morningstar were yet to be registered by ESMA as benchmark administrators. Morningstar is still yet to be authorised by its respective regulator.

Christian Vollmuth, chief risk officer at Solactive, said regulators will be working their way through applications from index providers to register as an administrator and any missing names will likely be registered by the year’s end.

Steffen Hermanns, chief executive officer at STOXX, said in a statement: “We strongly support the objectives of the EU Benchmark Regulation, and we are happy to be officially fully compliant with this regulation.

"Built on a solid foundation including a strong governance structure and rigorous operational and IT processes, STOXX benchmarks have been compliant with IOSCO Principles for Financial Benchmarks, the global standard provision of benchmarks, already since 2014.”