ICE Approved as Benchmark Administrator by FCA

Intercontinental Exchange (ICE) has been granted approval by the UK’s financial watchdog to operate as a third country benchmark administrator under the European Benchmark Regulation (BMR). According to a story in The Trade news, ICE Data Services said that it had received the approval from the Financial Conduct Authority (FCA) last month, meaning that market participants can reference its indices in compliance with the rules. As an administrator, firms are required to implement high standards of governance, oversight and transparency for the provision of indices so that market participants can use the benchmarks within the regulatory framework. Other approved benchmark administrators include Cboe, IHS Markit, FTSE International, Citigroup, Morgan Stanley, MSCI, NEX Data Services and Refinitiv Benchmark Services.