Data and analytics division of TP ICAP, Parameta Solutions (Parameta) has become a Financial Conduct Authority (FCA)-authorised benchmark administrator, making it the first interdealer-broker to administer over the counter (OTC) benchmarks and indices.
Parameta Solutions will also take on administration of the nine TP ICAP interest rate swaps benchmarks that were previously administered by Moorgate Benchmarks.
The nine benchmarks, which all cover the mid-price interest rate swaps from TP ICAP’s global broking business, are designed to increase transparency for market participants’ risk and compliance purposes.
Visibility into the level of the implied mid-price in the relevant underlying swap rate is key for clients as they adopt these benchmarks, says Parameta.
Parameta will take on all administrative responsibilities for the benchmarks previously administered by Moorgate from 16 May 2022.
Parameta complies with the International Organization of Securities Commission’s Principles for Financial Benchmarks.
Jonathan Cooper, chief revenue officer at Parameta Solutions, comments: “Underpinned by our wealth of data and insight, we are now able to provide bespoke and transparent benchmarks and 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 and 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, says: “Our clients have highlighted that access to Parameta’s 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.”
