[By NBC-1TV H. J Yook]Bloomberg LP and UBS today announced a strategic partnership that will result in Bloomberg Indexes being responsible for governance, calculation, distribution and licensing of the bank's market leading commodity indexes. The indexes will be renamed from the “Dow Jones-UBS Commodity Index Family” to the “Bloomberg Commodity Index Family” as of July 1.

“Benchmarks are at the heart of the financial system, and benchmark independence is key to the transparency and efficiency of global financial markets,” said Dan Doctoroff, CEO and President of Bloomberg LP. “By providing true independence to a leading index family used by institutional investors and asset managers around the world, Bloomberg continues to support the needs of our clients and the overall marketplace.”

Since launching in 1998, the rebranded Bloomberg Commodity Indexes have emerged as a leading commodity index family. The flagship index offers global, diversified exposure to 22 commodities via the most liquid futures contracts, while a comprehensive set of sub-indexes measure individual commodities and sectors, such as agriculture, energy and metals.

This strategic partnership expands Bloomberg and UBS's collaboration in providing industry leading commodity benchmarks. In 2007, Bloomberg and UBS created the UBS Bloomberg Constant Maturity Commodity Index (CMCI), an innovative index family that provides diversified commodity exposure across the full spectrum of the futures curve.

“With this partnership, UBS continues to be a leading and innovative player in providing best-in-class commodity benchmarks for our clients,” said Edmund Carroll, UBS Global Head of Commodities. “Bloomberg is a globally renowned index provider and administrator and we are excited about the market leading solutions and energy this partnership will bring to the commodity index space.”

Srikant Dash, Head of Bloomberg Indexes, said, “This agreement provides independence for a leading market barometer and increases competition among commodity benchmarks. We are pleased to expand our relationship with UBS and will work closely with market participants to provide a seamless transition.”