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Benchmark

European Council adopts text of Benchmark Regulation

The European Council have adopted the text of the Benchmark Regulation, which is another step towards it being published in the European Journal. It goes info effect 18 months later. A press release from the Council can be found here.

The legislation tightens the process around benchmark setting, with rules for administrators and  different rules for contributors. The rules for contributors also depend on whether the entity is supervised (i.e. a “regulated entity” under MiFID). There are different rules for commodity benchmarks. The rules also differ depending on the type of benchmark in question, divided into critical, significant and non-significant.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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