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Benchmark

This category contains 8 posts

Final draft Benchmark Regulation technical standards published

ESMA have published their final report which contains the draft RTS and ITS for the Benchmark Regulation. The rules govern the administration of and contribution to different categories of benchmark. The benchmarks themselves are categorised into different levels, which attract different levels of regulation. Administrators and contributors have different rules which are driven by the … Continue reading

What does 2017 have in store for us?

For many, today is the first working day of 2017, which is also the original start date of MiFID II, before it was delayed by a year. With an eventful year behind us, what can we expect in the coming months, both on paper and in reality? Rules There is one year to go until … Continue reading

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. … Continue reading

Final text of Benchmark Regulation published

The European Parliament have published the final text of the Benchmark Regulation, which can be found here. The rules are intended to further regulate the management of benchmarks, in addition to the general anti abuse measures found in rules such as MAR and REMIT. In addition to giving NCAs sanctioning powers, the regulations set out rules for … Continue reading

European Parliament approves benchmark regulation

The European Parliament has approved the new benchmark regulation, which aims to better regulate benchmarks used. It contains specific provisions for commodities benchmarks. A full report can be found here on the ICIS website.

Benchmark regulation responses published

ESMA have published the responses to the recent discussion paper on the upcoming European benchmark regulations. The responses can be found here. Europex highlighted their response with their own announcement here. The responses from those in energy and commodities tend to highlight the important differences between the sector and the wider financial markets. As well as … Continue reading

ESMA discussion paper and hearing on benchmark regulation

ESMA have issued this discussion paper regarding the upcoming benchmark regulation, which will amongst other things affect commodity benchmarks, primarily administrators of such benchmarks but in some cases also contributors. The rules propose that contributors that are “unsupervised” entities, i.e. Non Financial Counterparties, will be subject to a lower level of regulation. However, MiFID II may … Continue reading

Benchmark legislation – FCA page

The new set of legislation around the management of benchmarks is moving towards entry into force, with the agreement last year between the trialogue around the legislation announced here on the Commission web site.  Following this the FCA have now created this web page that brings together information on the rules. The rules are intended to … Continue reading