TP ICAP's Parameta Solutions Approved by EU to Provide Benchmark Services

Parameta Solutions, the Data & Analytics division of TP ICAP, has secured a green light from the European Securities and Markets Authority (ESMA) to provide benchmark services to provide benchmark services, "making it the first data provider to administer over-the-counter (OTC) benchmarks and indices across Europe and the UK", said TP ICAP in its latest announcement.

Parameta Solutions, which was launched in April 2021​, provides clients with OTC content and proprietary data, as well as in-depth insights across price discovery, risk management, benchmark and indices, and pre and post-trade analytics. In October 2021, the data and analytics division released its post-trade analytics platform Trading Analytics​, allowing buy-side and sell-side firms to monitor, measure, document and improve achieved execution prices.

The approval follows the FCA's decision last May to authorise Parameta Solutions as a UK benchmark administrator. And as a result of Brexit, all benchmark administrators in UK should apply for EU benchmark approval by the end of December 31, 2023, in order to operate in the EU.

By securing dual authorisation, Parameta Solutions said that it "now has solid governance standards in place to continuously support and create benchmarks for clients across the continent".

"Our recognition as a benchmark administrator will enable us to provide the highest possible governance standards within the EU," commented Rushmi Katyal, Chief Governance, Risk and Controls Officer at Parameta Solutions. "Working in conjunction with the regulators, we have established a consistent foundation for compliance, which will provide our clients with additional peace of mind when using our benchmarks."

"Post Brexit, clients are increasingly looking to benchmarks to enhance their risk management processes. By being approved early in the benchmark transition period, our clients can rest assured that we are fully compliant and transparent," added Anand Venkataraman, Head of Benchmark and Indices Product Management at Parameta Solutions.