The future of financial benchmarks

Author: | Published: 11 Dec 2013

How incoming regimes and changing market practices will ensure that financial benchmarks don’t risk losing their relevance

Earlier this year, while announcing the European Commission's draft legislation relating to the integrity of financial benchmarks, the Internal Market Commissioner Michel Barnier said:

"Benchmarks are at the heart of the financial system: they are critical for our markets…yet until now they have been largely unregulated and unsupervised. Market confidence has been undermined by scandals and allegations of benchmark manipulation. This cannot go on: we must rebuild trust."

Similar regulatory reviews and proposals to reform the benchmarking process are continuing around the world's financial markets, including in the UK, India, Australia, Singapore and the US.

At the same time, the increasing focus on moving the trading of financial instruments onto exchanges or into central clearing as a means of reducing systemic risk, suggests that traditional means of establishing financial benchmarks are...



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