RIYADH, SAUDI ARABIA : 20 November 2016
Thomson Reuters announced today that it was selected as benchmark administrator and calculation agent for the Saudi Arabian Interbank Offer Rate (SAIBOR). The appointment is part of an agreement with the Saudi Arabian banking industry. The arrangement is authorised by the Saudi Arabian Monetary Authority (SAMA), as part of its regulatory mandate over the banking sector, where this initiative will enhance the governance process for setting SAIBOR and will bring further transparency and reliability to the process.
A panel of banks will contribute initially to SAIBOR, which will be calculated by Thomson Reuters based on its well-established and documented methodology and procedures aligned to the International Organisation of Securities Commission (IOSCO) Principles for Financial Benchmarks. Thomson Reuters will work closely with participants in the Saudi Arabian banking industry where appropriate, to expand adoption of the new benchmark
“This initiative by the Saudi Arabian Banking Industry reflects Thomson Reuters proven expertise and knowledge in designing, calculating, administering and distributing benchmarks for over a quarter of a century,” said Nadim Najjar, Managing Director, Middle East & North Africa (MENA), Thomson Reuters. “It also reinforces our commitment to helping Saudi financial institutions increase transparency, ensuring strong governance processes and building greater confidence in the industry among investors and regulators.
With roots in Saudi Arabia for 20 years and in MENA dating to 1856, Thomson Reuters has contributed significantly to the growth and maturity of local and regional markets in the Middle East and North Africa. “We are situated at the centre of global commerce in MENA, connecting the local financial community with markets worldwide and providing news and insights that help customers find answers to their most pressing problems,” added Najjar.
Thomson Reuters operates its benchmarks business under the Trust Principles mandated in its corporate charter since 1941, which guarantee integrity, independence and freedom from bias and its governance and control framework for benchmarks is in line with IOSCO principles. Established as a separate and fully regulated subsidiary in May 2013, Thomson Reuters Benchmark Services Ltd develops and manages governance frameworks for the benchmarks it administers, as well as reporting tools to comply with various regulatory requirements for financial benchmarks.
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Middle East, Africa, & Russia /CIS
© Press Release 2016