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It is not surprising that the ripples created by financial benchmark manipulations from a half-decade ago are felt even today in the form of convictions, appeals, fines and more importantly tighter regulations and oversight. The steps taken by regulatory bodies across geographies to restore the investor confidence is palpable with the emergence of distinct determination methodologies for major benchmark rates such as LIBOR, EURIBOR and TIBOR for instance. 


The ongoing process of reforming the key interest rate benchmarks by regulatory authorities across jurisdictions is a step in right direction for the changing financial markets. With specific reference to Euribor, EMMI has initiated comprehensive reforms with the “objective of developing and evaluating a transaction-based benchmark determination methodology”.


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