TP ICAP’s Data & Analytics division Parameta Solutions today announced it has become a FCA-authorised benchmark administrator. The interdealer-broker can now administer OTC benchmarks and indices.
Data & Analytics division will also take on administration of the nine TP ICAP interest rate swaps benchmarks that were previously administered by Moorgate Benchmarks Ltd.
The nine benchmarks cover the mid-price interest rate swaps from TP ICAP’s Global Broking business. They increase transparency for market participants and visibility into the level of the implied mid-price in the relevant underlying swap rate is key for clients as they adopt these benchmarks.
Jonathan Cooper, Chief Revenue Officer at Parameta Solutions commented:
Creating possibilities for clients drives everything we do, and it became clear that there was a significant gap in the market for independent OTC benchmarks. Underpinned by our wealth of data and insight, we’re now able to provide bespoke and transparent benchmarks & indices built on OTC data to support our clients so that they can accurately compare their performance against their asset allocation strategy.
Looking ahead, building out our benchmarks & indices offering is a core priority for us, with a particular focus on the ESG and rates space.
Rushmi Katyal, Chief Governance, Risk and Controls Officer at Parameta Solutions added:
Our clients have highlighted that access to Parameta Solutions’ benchmarks will enable greater innovation and better management of risk. That is why we have designed a governance, risk and control framework that will ensure our clients benefit from the compliance and transparency regime we have put in place.
According to the official announcement, ICAP Information Services Limited trading as Parameta Solutions will take over for Moorgate in administrative responsibilities for the benchmarks on 16 May. The company noted that Parameta Solutions complies with the IOSCO Principles for Financial Benchmarks.