Moorgate Benchmarks and Beeland Interests, Inc, owner of the Rogers International Commodity Indices (RICI), are partnered in order to further enhance RICI’s European presence and ensure the indices can continue to be used within Europe following the introduction of the EU and UK Benchmarks Regulations (BMRs).
After finishing preparatory work Beeland will apply to become a recognised benchmark administrator under the UK BMR. Moorgate Benchmarks will become Beeland’s UK Legal Representative, providing the formal oversight required for authorisation. In due course the partners will submit the appropriate application to the EU regulators to allow usage under EU BMR. These actions will enable clients in both the UK and EU that are using the RICI indices to continue to do so once the transition periods for both BMRs end.
As part of this partnership Gareth Parker, Moorgate’s Chairman and Chief Indexing Officer, has joined the RICI Committee, which oversee Beeland’s administration of the indices.