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November 18, 2016

The European Securities and Markets Authority (ESMA) has finalised its technical advice to the European Commission on important aspects of future rules for benchmarks.

In particular, ESMA provides advice on:

  • how benchmarks’ reference values can be calculated by...

November 18, 2016

The Bank of England (BoE) has recently published a consultation paper on reforming the Sterling Overnight Index Average (SONIA) benchmark. It had conducted a similar exercise, albeit exploratory, as a public consultation in Q3-Q4 of 2015 with the objective of monitorin...

September 2, 2016

“…necessary to include a power for the relevant competent authority to require mandatory contributions from supervised entities to critical benchmarks in order to preserve the credibility of the benchmark in question.”

The systemic importance of financial benchmarks in...

August 19, 2016

The recently unveiled plan of European Money Markets Institute (EMMI) to enhance the robustness and viability of Euro Overnight Index Average (EONIA), one of the major reference rates in European money markets, is a welcome reassurance to the investors and the global e...