Global Rate Set Systems are pleased to announce that its subsidiary, the Czech Financial Benchmark Facility (CFBF), has today been authorised as a Benchmark Administrator under European Benchmark Regulation (BMR). The authorisation is granted by, and will operate under the supervision of, The Czech National Bank and is recognized by The European Markets and Securities Authority (ESMA) on its register of approved Benchmark Administrators.
Craig McIvor, GRSS CEO, said, “We established the CFBF with the specific purpose of guiding PRIBOR to a regulatory compliant state. The CFBF, which utilises the GRSS Calculating agent system, appreciates the support of PRIBOR panel banks, the diligence and expertise of the Oversight Committee and the engagement of the broader Czech financial community. These elements working together can assure that PRIBOR continues to operate to BMR compliant standards, while being in a position to evolve for the ongoing benefit of the Czech financial markets.
Further, as an approved Benchmark Administrator, the CFBF can offer endorsement to ‘third country’ administrators. The benchmarks and indices offered by these organisations will require listing on ESMA’s register in order that they can continue to be used by European Supervised Entities after 1st January 2020.”