GPW Benchmark becomes exchange index administrator
The European Securities and Markets Authority (ESMA) has entered GPW Benchmark into the register of administrators and benchmarks.
GPW’s subsidiary GPW Benchmark will now be the administrator of the exchange indices on the GPW Main Market, NewConnect and Treasury BondSpot Poland (TBSP) as of 1 December 2019 and of the indices WIG-ESG and CEEplus as of 1 January 2020.
“The transfer of the functions of exchange index administrator from GPW to our subsidiary GPW Benchmark is a technical matter resulting from new European regulations. The structure and calculation methods of the indices remain unchanged. The process migration will not affect exchange investors and other index users. It should be emphasised that the GPW Group remains responsible for the index administration and calculation processes in accordance with the highest standards,” says Piotr Borowski, GPW Management Board Member.
The transfer of the function of index administrator to GPW Benchmark is necessary to ensure compliance with the requirements of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (BMR). The alignment process requires the appropriate index calculation management framework in accordance with the Regulation.
The alignment with the BMR requirements will ensure optimisation and high quality of index management processes, oversight over the calculation method, as well as transparency and accessibility of data for investors.
“The authorisation for GPW Benchmark as capital market benchmark administrator granted by the Polish Financial Supervision Authority and its entry into the register open a new chapter in the operation of GPW Benchmark as an index competence centre. We will file an application for the authorisation as WIBID and WIBOR administrator within days. Those benchmarks will be subject to a separate administrative procedure,” says Zbigniew Minda, President of GPW Benchmark.
The exchange indices will be calculated according to the existing methodology and rules approved by the index administrator GPW Benchmark. They will be published at www.gpwbenchmark.pl to the full extent of data, including current quotations, index communiques, resolutions concerning indices and statistics. The websites www.gpw.pl, www.newconnect.pl and www.bondspot.pl will continue to provide index visualisations in charts available on the home page. Details of the indices will be available on the GPW Benchmark website.