Authorised Benchmark Administrator

FCA Approved

A market leader in governance of financial benchmarks

A leader in the governance of financial indices, WMBA Limited was one of the first FCA approved Benchmark Administrators under the EU Benchmarks Regulation ('BMR') and the predecessor FCA MAR. WMBA Limited is listed on the European Securities and Markets Authority ('ESMA') 'Register of administrators' located in the Union which have been authorised or registered pursuant to Article 34 of the Benchmarks Regulation.

Details of WMBA Limited's FCA authorisation and permissions along with regulatory waivers can be found on the FCA register under Financial Registration Number 679716.

WMBA Limited developed and administers indices across financial and non-financial instruments on behalf of its members and customers. Developing that business and utilising our wealth of experience, WMBA Limited have established a suite of services supporting clients with the requirements and opportunities arising from the benchmark regulations.

 

Administration

WMBA Limited is currently the administrator for the Repurchase Overnight Index Average ('RONIA') and Euro Overnight Index Average ('EURONIA') benchmarks introduced in January 2007 and January 1999 respectively.

WMBA Limited fully supports the objectives of the IOSCO Principles for Financial Benchmarks ('IOSCO Principles') and the BMR to create a common framework for the regulation of indices used as benchmarks in financial markets. Whilst there is no requirement for all indices to be compliant with those regulations, WMBA Limited shall where it is possible and proportionate to do so, apply the framework to all indices, as well as the benchmarks that it administers.

 

A brief history of WMBA Limited

WMBA Limited was incorporated in 2008 to administer the data business of the European Venues & Intermediaries Association (previously known as the Wholesale Markets Brokers' Association).

On the 1st April 2015, SONIA and RONIA, both of which were administered by WMBA Limited at the time, became specified benchmarks under the UK Financial Services and Markets Act 2000, and as such, WMBA Limited became regulated by the Financial Conduct Authority (FCA) for the activity of administering benchmarks.

WMBA Limited was previously the administrator of the Sterling Overnight Index Average ("SONIA"), introduced in March 1997, until the Bank of England took over the control of the Benchmark in April 2018.

 

COVID-19

Dear Valued Customer,

As the spread of COVID-19 continues to be an urgent issue across the world, WMBA Limited are committed to ensuring continuity of service for its benchmarks. We appreciate how critical our systems and services are to you, which is why we are closely monitoring the situation and taking steps we need to stay resilient. We have invoked our business continuity and resilience measures, including remote operation of the business via well-established remote working capabilities and failover process and systems. We also have business critical only travel restrictions. WMBA Limited continues to monitor the COVID-19 outbreak situation and its impact across all the relevant countries and products as part of our comprehensive business continuity plan.

1. WMBA Limited will continue to administer benchmarks under FCA supervision and those applicable articles of the EU Benchmark Regulation.

2. We fully expect ongoing adherence to the Data Quality Code, together with usual operational policies and procedures to ensure we capture all relevant trade flow from the contributor market places and trading venues. These firms each have their own contingency plans in place to allow staff to work from remote or back-up locations, including access into WMBA Limited applications.

3. We note that our system capacity and business continuity, together with those of contributing firms, has operated smoothly through the recent volatility in the markets with no notable concerns raised to date around system capacity nor connectivity. In the period from February 2020 to date, the underlying markets have experienced higher traded volumes and order counts.

4. WMBA Limited closely monitors system capacity to ensure continuity of service and we remain confident in our capability to handle current or higher order files and message flows. Our systems are all regularly stress tested to ensure they can handle large spikes in message flow.

5. With regards to Governance, WMBA Limited continues to operate its normal oversight procedures, its external committees and business governance. It also closely monitors guidance from the Government, FCA, World Health Organisation (WHO) and other relevant authorities. In addition, employees are isolated from each other and any who may be returning from high-risk countries must strictly observe a mandatory self-quarantine for a period of at least 14 days immediately upon arriving in the country.

6. Contact details: All communication channels will be as per our existing incident management process.

Should you have any questions or concerns or would like further information on how WMBA Limited are handling the COVID-19 outbreak, please contact us at wmba@wmba.org.uk.

Regards,

Alexander McDonald
Chief Executive Officer

Head Office

WMBA Limited
Warnford Court
29 Throgmorton Street
London
EC2N 2AT

Telephone:  020 7947 4900
Facsimile:  020 3292 1592