Central bank pitches for independent body to set financial benchmarks

17 Apr 2014 Evaluate

The Reserve Bank of India (RBI) suggested setting up of an independent body for recommending rupee interest rate and foreign exchange benchmarks by self-regulatory market bodies, FIMMDA and FEDAI. FIMMDA is an association of scheduled commercial banks, public financial institutions, primary dealers and insurance companies, whereas FEDAI is an association of banks dealing in foreign exchange in India. Presently, FIMMDA and FEDAI act as administrator of the Indian rupee interest rate and foreign exchange rate benchmarks respectively and benchmarks like Mumbai Inter-bank Forward Offered rate (MIBFOR), Mumbai Inter-bank Forward Offered rate (MIBOR) are being fixed by them.

The central bank has notified that an independent body, either separately or jointly, may be formed by the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Foreign Exchange Dealers' Association of India (FEDAI) for administration of the benchmarks in order to overcome the possible conflicts of interest in the benchmark setting process arising out of the current governance structure of the FIMMDA and FEDAI. These self-regulatory market bodies may put in place a code of conduct specifying various provisions, including hierarchy of data inputs for compliance as recommended by the central bank. The selected benchmark submitters have to comply with the various provisions specified in the code of conduct and necessarily participate in the polling process.

Financial benchmarks are primarily used for pricing, valuation and settlement purposes in financial contracts. The reliability and robustness of financial benchmarks play significant role for the stability of the financial system as the aggregate volume of underlying financial contracts referenced to or valued through financial benchmarks are quite huge. The RBI’s latest decision is based on the recommendations of the Committee on Financial Benchmarks, which was set up to strengthen governance related issues after manipulation of LIBOR that came to light in June 2012. These cases of manipulation of major financial benchmarks has raised concerns about the credibility and reliability of the financial benchmarks, particularly about their governance frameworks and setting methodologies.

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Central bank pitches for independent body to set financial benchmarks

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