Global Markets Exchange (GMEX) Group has established an oversight committee for its index business.
The Group, which launched its debut constant maturity futures product last week, said the oversight committee for its Global Derivatives Indices (GDI) business will ensure international principles are met.
The committee will oversee the compilation methodology and production of indices published by GDI, in line with the International Organization of Securities Commissions’ (IOSCO) Principles for Finance Benchmarks.
GDI currently published the IRS Constant Maturity Index, which tracks 2-30 year tenors of the interest rate yield curve, which in turn is used by GMEX’s IRS constant maturity future to mark to market on a daily basis.
The committee members include the Investment Association’s Richard Metcalfe, Matthew Evans of interdealer broker Tradition, Paul Ribbens of Tullet Prebon and Huw Davies of Old Mutual Global Investors as well as GMEX directors. It will be chaired by Mark Blundell.
“We are pleased to announce the formation of this independent industry Committee. The members chosen are seasoned and knowledgeable market participants who will bring with them a wide range of market understanding and experience,” said Blundell, chairman of the GDI Index Oversight Committee.
“With the launch of GMEX Exchange it is important that its participants and partners have confidence in the indices that underpin the IRS CMF contracts it offers. The committee is one visible part of GDI’s commitment to ensuring a robust, accurate index management process,” added Metcalfe, director of regulatory affairs at the Investment Association.