SOFR Academy Welcomes Completion of PwC Review of Invesco Indexing Alignment With IOSCO Principles for Financial Benchmarks

The IOSCO Principles for Financial Benchmarks aim to create an overarching framework of Principles for Benchmarks used in financial markets.

NEW YORK, December 06, 2022--(BUSINESS WIRE)--Today, SOFR Academy a digital education and market information provider welcomed the completion of an independent examination by professional services firm, PricewaterhouseCoopers LLP ("PwC") who were appointed to perform an independent examination of Invesco Indexing indexes and a review of the group’s alignment with the International Organization of Securities Commissions’ ("IOSCO") Principles for Financial Benchmarks. PwC assessed whether Invesco Indexing has implemented policies, processes, and control activities aligned with the IOSCO Principles. This year’s engagement represents Invesco Indexing’s first external assurance engagement and covers all Invesco Indexing’s equity, fixed income and multi-asset indexes that were published as of February 28, 2022. The review focused on Invesco Indexing’s activities implemented as at that date.

Invesco Indexing LLC is an independent index provider owned by global asset management firm Invesco Ltd (NYSE: IVZ). Invesco Indexing develops and administers a wide array of equity, fixed income, multi-asset, and interest rate indexes. These indexes represent a full range of strategies reflecting both local and global markets. Invesco Indexing was also one of the first third-country benchmark administrators to be approved under the EU Benchmarks Regulation and, since January 2021, the UK Benchmarks Regulation.

"Since its founding in 2017, Invesco Indexing has developed and maintained the highest standards of governance and control of its financial benchmarks," noted Scott Wolle, CFA, Head of Systematic and Factor Investing at Invesco. "We are delighted with the conclusions of the independent examination, which reflect our commitment to industry best practices and our alignment with the IOSCO Principles."

On July 12, 2022, Invesco Indexing launched the first-of-their-kind USD Across-the-Curve Credit Spread Indices ("AXI") and USD Financial Conditions Credit Spread Indices ("FXI"). These indices work in conjunction with the Secured Overnight Financing Rate ("SOFR") and address concerns communicated by a group of American banks that under a SOFR-only environment in times of economic stress, the return on banks’ SOFR-linked loans would decline, while banks’ unhedged costs of funds would increase, thus creating a significant mismatch between bank assets (loans) and liabilities (borrowings). AXI and FXI were not included in this initial independent examination.

"IOSCO’s work helps to protect investors, ensure market integrity, and support global financial stability – their work is more important than ever," said Marcus Burnett, CEO of SOFR Academy. "The IOSCO Principles represent the highest possible standards for the maintenance and governance of financial benchmarks. We are pleased that Invesco appointed PwC to complete this thorough and independent review and we welcome the report results," added Burnett.

"The results of this independent examination confirm Invesco Indexing’s serious commitment to transparency and adherence to strict governance processes," added Caitlen Laue, Director of Operations for Invesco Indexing.

The full scope of indexes covered by the review, including PwC’s assurance report, is included within the report which can be accessed here. If you have any questions, please contact Additionally, full details of Invesco Indexing’s methodology documents are available here.

About SOFR Academy

SOFR Academy is a member of the Asia Pacific Loan Market Association (APLMA), American Economic Association (AEA), the Loan Syndications and Trading Association (LSTA), the International Swaps and Derivatives Association (ISDA), the Bankers Association for Finance and Trade (BAFT) which is a wholly owned subsidiary of the American Bankers Association (ABA), the U.S. Chamber of Commerce (USCC) and Bretton Wood Committee (BWC). For more information, please visit

Invesco Disclosures

The information provided is for informational purposes only and should not be construed as an offer to buy or sell any financial instruments, or a recommendation for any security or fund interest. Invesco Indexing LLC is not an investment adviser or fiduciary and makes no representation regarding the advisability of investing in any security or strategy. There can be no assurance that an investment strategy based on the Invesco Indexes will be successful. Indexes under administration by Invesco Indexing LLC are not individually certified as being IOSCO compliant.

Indexes are unmanaged and it is not possible to invest directly in an index. Exposure to an asset class or trading strategy represented by an index is only available through investable instruments (if any) based on that index. Invesco Indexing LLC does not issue, sponsor, endorse, market, offer, review, or otherwise express any opinion regarding any fund, derivative or other security, financial product or trading strategy that is based on, linked to, or seeks to track the performance of any Invesco Indexing LLC.

Invesco Indexing LLC is an indirect, wholly owned subsidiary of Invesco Ltd.

SOFR Academy Disclosures

SOFR Academy supports SOFR, and near risk-free rates. Over time, we also support robustly defined across-the-curve credit spread supplements such as AXI and FXI which can be used in conjunction with risk-free rates. SOFR is published by the Federal Reserve Bank of New York (The New York Fed) and is used subject to The New York Fed Terms of Use for Select Rate Data. The New York Fed has no liability for your use of the data. AXI is not associated with, or endorsed or sponsored by, The New York Fed, or the Federal Reserve System. Darrell Duffie, The Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business, is a co-author of the proposal for AXI, but has no related compensation or other affiliation with its commercialization.

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Jorge Cosano-Martinez
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