The Board of Global Derivatives Indices Limited (GDI), the index and product development arm of GMEX Group, has established an Index Oversight Committee in order to oversee the compilation methodology and production of indices published by GDI. The Committee has complete autonomy independent of the day to day activities of GMEX Group.
The Committee has been established in accordance with the IOSCO Principles for Financial Benchmarks and is responsible for ensuring that they are applied to GDI’s activity. GDI already publishes the IRS Constant Maturity Index (CMI), which tracks the 2 -30 year tenors of the interest rate yield curve in real-time. The CMI is used by the GMEX Interest Rate Swap Constant Maturity Future (IRS CMF) to mark to market on a daily basis to effectively manage interest rate exposure.
Chaired by Mark Blundell, members include Richard Metcalfe, Director of Regulatory Affairs at the Investment Association, Matthew Evans, Head of Data Sales at Tradition, Paul Ribbins, Head of the Risk Management Services Division at Tullett Prebon and Huw Davies, portfolio manager at Old Mutual Global Investors alongside GMEX compliance, technology and non-executive directors including Sandy Broderick.
“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 Mark 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 Richard Metcalfe, Director of Regulatory Affairs at the Investment Association.