The International Organization of Securities Commissions (IOSCO) published its final report on Principles for Financial Benchmarks, which provides an overarching framework of principles for benchmarks used in financial markets. It seeks to set out a new framework for critical rates like the London Interbank Offered Rate that have been plagued by allegations of manipulation.

The principles form an integral part of IOSCO´s work and focus on the following areas -  Governance,  Benchmark quality, Quality of the methodology and Accountability mechanisms. It contains a set of principles designed to improve the integrity and reliability of financial and comes quick on the heels of NYSE Euronext tender win to replace the British Bankers Association as the administrator for Libor.

The principles lay out responsibilities for benchmark administrators, which include oversight of third-parties and managing conflicts of interest.  The European Commission draft version of financial benchmarks is expected to be published in September.