Benchmarks on the front foot with code of conduct for indices

Tim Wallace
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NCIAL index providers today stuck back at the wave of regulatory interest in the sector by proposing their own code of conduct to improve behaviour in the sector.

Indices have been under intense scrutiny since the Libor fiddling scandal emerged last summer, with officials becoming increasingly involved in setting standards for how they operate.

Today the Index Industry Association – with members including Markit, S&P Dow Jones and Barclays – set out its guidance to index administrators.

It urges increased transparency on how indices are compiled, action to combat conflicts of interest as and when they arise, and the development of written policies and procedures for dealing with complaints about indices.