Future Rules for Financial Benchmarks
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 using data reporting structures under existing EU rules such as MiFID II and EMIR; some of the criteria for deciding when third country benchmarks can be endorsed for use in the European Union (EU); and what constitute
The Bank of England - SONIA Reforms
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 monitoring the sterling overnight money market and reforming the SONIA benchmark. The outcome of the previous iteration of the consultation resulted in the BoE issuing a four-step process of reforming the £46 trillion be
