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German funds and insurance companies aim for fees for credit rating agencies



(Reuters) – German investment funds and insurance companies have called on the European Union to force credit rating agencies to provide greater transparency in the fees they charge for data.

Moody & # 39; s, S&P Global and Fitch Ratings, called Big Three, dominate credit ratings in Europe.

The German mutual fund BVI and the insurance industry body GDV said that they jointly appealed to the EU Executive European Commission to force grades to provide more transparency in prices.

"The largest US rating agencies use their dominant market position to determine their pricing, but the European Securities and Exchange Commission (ESMA) lacks the regulatory tools to discontinue such infringing licensing and fee requirements," said Thomas Richter, CEO of BVI, in a statement on Monday

Fund managers and insurers need classification data to determine risks from investment portfolios and to comply with accounting and regulatory rules.

All data providers thin the same classification group must be subject to EU rating rules, which is not currently the case. , said BVI and GDV.

The Fitch group said that it did not consider a change in the rules in this respect deserved. Moody & # 39; s and S&P had no immediate comment.

Some subscribers to ratings have chosen to receive customized rating information from Fitch Solutions, an independent distributor of Fitch Ratings, on terms considered commercially reasonable, says Fitch Group.

The price of data became an increasingly important "competitive" factor for European asset managers, said the German funds and insurance agencies.

Mutual funds are already pushing Brussels to force stock exchanges to reduce the cost of data fees for stock transactions.

European policy makers have long shaken US credit rating agencies that dominate the region, but attempts to create large "home-grown" alternatives have only made modest progress.


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