UAE Central Bank Appoints Thomson Reuters to Become Official Calculation Agent of Eibor
Thomson Reuters, world’s leading source of news and information for professional markets, today announced that it was selected as the official calculation agent and distributor for the UAE Interbank Offer Rate (EIBOR).
The appointment is part of the new set of regulation for UAE Banking industry released by the Central Bank of the UAE earlier today. The initiative will enhance the governance process for setting EIBOR and empower UAE banks to offer independent benchmark fixing.
A panel of eight banks will contribute initially to EIBOR, which will be calculated by Thomson Reuters based on its well-established and documented methodology and procedures aligned to the International Organisation of Securities Commission (IOSCO) Principles for Financial Benchmarks.
“The UAE has seen significant development and growth in their financial markets in recent years,” said Nadim Najjar, Managing Director, Middle East & North Africa (MENA), Thomson Reuters. “This appointment reinforces Thomson Reuters commitment to working with UAE financial institutions to develop market infrastructure, ultimately increasing transparency, building greater confidence amongst investors and regulators, and ensuring strong governance processes.”
“With over a quarter century of proven expertise and knowledge in designing, calculating and distributing benchmarks, Thomson Reuters provides representative benchmarks and investable indices that are trusted to connect and empower the financial community worldwide,” added Stephan Flagel, global Head of Benchmarks and Indices.
Thomson Reuters operates its benchmarks business under the Trust Principles mandated in its corporate charter since 1941, which guarantee integrity, independence and freedom from bias and its governance and control framework for benchmarks is in line with IOSCO principles. Thomson Reuters has established a separate and fully regulated subsidiary in May 2013 which develops and manages governance frameworks for the benchmarks it administers, as well as reporting tools to comply with various regulatory requirements for financial benchmarks
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