Any reform of how benchmarks for oil, gold and other commodity prices are set would be handled at the global level, Britain’s Financial Services Authority (FSA) said today.
FSA managing director Martin Wheatley has been tasked by the UK government to reform the interest rate Libor after Barclays was fined for rigging it.
He published his initial findings on Friday, which included a suggestion that other price benchmarks in commodities and elsewhere may also need tighter supervision.
Wheatley said many such benchmarks were not subject to UK supervision and expected global regulatory bodies, such as IOSCO and the Financial Stability Board to come up with general principles for reform, if needed.
“There is no specific timeline for those other areas,” Wheatley told a Bloomberg News event.
“It’s something we should turn our minds to but not within the deadlines of this (Libor) review,” Wheatley added.