Issue Brief: Benchmarks and Indices

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22 April 2013 | 4 pages
Source: CFA Institute
Rhodri Preece, CFA, Claire Fargeot, and James Allen, CFA

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Summary

Benchmarks and indices serve a key role in financial markets. However, issues regarding the integrity of certain interest rate benchmarks have come to light, including the London Interbank Offered Rate (LIBOR) and the European Interbank Offered Rate (EURIBOR). As a result of these scandals, regulators globally are working to establish principles or regulatory frameworks for the production and use of benchmarks in financial contracts. CFA Institute believes that greater transparency over the calculation and production of benchmarks and indices in general, particularly where indices are based on subjective or judgmental inputs, is a key element to uphold integrity.

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