Markit has confirmed it will administer its benchmarks in compliance with the International Organization of Securities Commissions (Iosco) final report on Principles for Financial Benchmarks.

The Iosco Principles, proposed in April last year, were founded to create an overarching framework for benchmarks used in financial markets. They are aimed at promote the reliability and address benchmark governance, quality and accountability mechanisms.

“Markit fully supports the Iosco Principles and evolving regulations regarding benchmark administration, which are consistent with the objectivity, transparency and governance by which Markit has always sought to administer its indices,” said Armins Rusis, managing director and co-head of Information at Markit.

Markit will administer its benchmarks in compliance with the Principles by the end of 2014, focusing on transparency, controls, governance and conflicts of interest management.

“After extensive consultation with customers, we intend to apply the same approach to our custom index business which provides customers with indices of their own design,” Rusis added.