IHS Markit, a world leader in critical information, analytics and solutions, today announced that the Netherlands Authority for Financial Markets (AFM) has authorised its Dutch entity, Markit N.V., as benchmark administrator under the European Benchmark Regulation (BMR).
IHS Markit is the first benchmark administrator to be authorised by National Competent Authorities (NCAs) in both the UK and the EU27. In July 2018, IHS Markit was approved as an authorised benchmark administrator by the Financial Conduct Authority (FCA) in the UK.
With both authorisations, IHS Markit gains flexibility in the administration of its proprietary benchmarks and can offer more options to customers of its index administration services, especially in the event the UK exits the EU. It can also endorse third country benchmarks for use in the EU and assist third country benchmark administrators gain recognition in the EU27.
“We are very pleased to have received authorisation from the AFM,” said Marcus Schüler, head of Benchmark Administration at IHS Markit. “This supports our global administrator model and helps us navigate Brexit and any other potential challenges related to the administration and provision of benchmarks in the EU.”
“The AFM authorisation provides us the flexibility to offer independent benchmark administration to clients from both the UK and EU27, which helps us address the uncertainty of Brexit,” said Mark Schaedel, head of Index Administration Services. “It also enables us to support third country benchmark administrators as they seek compliance options going forward.”