Moorgate Benchmarks, the index company driving change, today announced that its German subsidiary Moorgate Benchmarks GmbH is now authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”), the German federal financial supervisory authority, as a Benchmark Administrator under the European Benchmarks Regulation (“BMR”).
Benchmarks are a vital component of the financial markets, enabling the independent assessment of investment manager performance and forming the foundation of products that give investors access to a huge variety of investment opportunities and strategies.
Now regulated by both the FCA1 and BaFin, Moorgate Benchmarks offers a complete index calculation and regulatory compliance service to all UK, EU and third country index providers, ensuring they can continue to offer their indices in the UK and EU after BMR comes into full force at the end of 2023.
Tobias Sproehnle, Chief Executive Officer of Moorgate Benchmarks, said: “Our authorisation as Benchmark Administrator under the EU BMR is evidence of Moorgate Benchmarks’ rigorous standards in benchmark administration and the high quality, reliability and integrity of our benchmark services. Our UK and EU BMR status now allow us to assist third country index providers in gaining their own authorisations so their indices can continue to be used as benchmarks in the UK and EU once BMR comes into force.”
Mark Pralle, Chief Technology Officer and Chief Operating Officer at Moorgate Benchmarks, said: “We are proud that our standards of excellence in benchmark administration have been recognised by BaFin in this important milestone. We look forward to working with our clients to ensure their indices continue to enjoy uninterrupted use following the end of the BMR transition period.”
1 Moorgate Benchmarks Limited was authorised as a Benchmark Administrator by the UK’s Financial Conduct Authority on 28th June 2019.