Moorgate Benchmarks has been selected by Skytra, a subsidiary of Airbus, to lead the Skytra Index Oversight Committee (SIOC).
As part of the European Union benchmark regulation (BMR), SIOC acts as the formal oversight function of the Skytra Price Indices which is designed to benchmark the price of air travel in the various travel markets around the world.
The appointment means Moorgate Benchmarks and Kytra will establish the SIOC and build governance structures and documentation to support Skytra’s benchmark administration business.
Gareth Parker, chief indexing officer at Moorgate Benchmarks, will chair SIOC and will be responsible for liaising with Skytra and its regulators regarding the committee’s business.
The role of the committee will include duties such as reviewing potential changes to index methodology, ensuring correct implementation of methodology and adherence to the code of conduct while scrutinising index calculation including any third-party data.
Morningstar registers as non-EU benchmark administrator under BMR
Parker commented: “We look forward to working with Skytra and its regulators to ensure the proper structures and methodologies are in place, in compliance with EU benchmarks regulation.”
Matthew Tringham, co-founder, chief strategy and product officer of Skytra, added: “We are developing innovative financial products and services that will allow our industry to manage revenue-related risks for the first time, increasing price certainty and reducing volatility.
“Our partnership with Moorgate Benchmarks will allow us to continue to focus on developing solutions, in the knowledge that we have the highest standards of governance for our indices.”
Moorgate Benchmarks has significantly expanded its team in 2020 with the appointment of its benchmark oversight committee chairman, business development head and governance head.
