Central Bank planning to implement obligatory accreditation of contributors via administrators of indicators - department head
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MOSCOW. April 22 (Interfax) - The Central Bank of Russia is planning to introduce voluntary accreditation of contributors through administrators for rate indicators, including for MosPrime, the director of the Central Bank's financial market development department Elena Chaikovskaya said at the National Securities Market Association's Financial Stability Forum.
"A method of accreditation will be developed, it will be agreed upon within the Central Bank," Chaikovskaya said. She said that main goal of accreditation is to avoid manipulation.
"This will be an informational letter of the Bank of Russia, which will set a procedure for voluntary accreditation. It is likely we will finish drafting this letter in May and, accordingly, in the summer we will begin the procedure of this accreditation," Chaikovskaya said.
She said that the market itself asked the regulator to introduce such a mechanism.
Earlier the head of the Central Bank's financial stability department Sergei Moiseyev said that the Bank of Russia held an audit of MosPrime rate. Instances of manipulation were not uncovered, however problems were discovered that were connected with the influence of the position of contributor on the rate.
It is customary to call a bank or another market participant, who presents data for the creation of this indicator, a financial indicator contributor.