Benchmark Reform
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CFTC Market Risk Advisory Committee adopts CCP risk and governance reports
The US Commodity Futures Trading Commission held a public meeting of its Market Risk Advisory Committee (MRAC) on 13 July, via teleconference. At the meeting, the MRAC adopted two final reports from the Central Counterparty (CCP) Risk and Governance Subcommittee.
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FAQs on switch to 'SONIA First' for GBP Exchange Traded Derivatives from June 17
As part of a 'SONIA first' initiative, the Bank of England and FCA are encouraging all market participants and liquidity providers in the sterling exchange traded derivatives market to switch the default traded instrument to SONIA instead of LIBOR from 17 June
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Data Spotlight - SONIA futures pass key milestone
The transition away from LIBOR passed a key milestone on 11 May when trading in futures based on SONIA, the interest rate benchmark tapped to replace the benchmark in the UK, hit a new high relative to traditional short-term interest rate futures
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Regulators and exchanges highlight key dates in LIBOR transition
A number of key dates and recommendations have been issued recently regarding the cessation of LIBOR and the planned transition to certain risk-free rates by the end of 2021.
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ISDA, ASIFMA, FIA and GFXD publish EU benchmarks regulation review recommendations
LONDON, June 29, 2020 – The International Swaps and Derivatives Association, Inc. (ISDA), the Asia Securities Industry and Financial Markets Association (ASIFMA), the Futures Industry Association (FIA) and the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) have published a set of recommendations to reform the European Union Benchmarks Regulation (BMR).
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FIA and ISDA support the European Commission’s equivalence determination for financial benchmarks in Japan
ISDA and FIA sent a letter in support of the European Commission's draft equivalence decisions
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Joint trade association letter to ESMA on carbon benchmarks
FIA, jointly with ISDA, AFME, EFET and Europex, wrote to ESMA to express our concerns in relation to the requirement for benchmark administrators to comply with additional obligations set out in Regulation (EU) 2019/2089 (‘Low Carbon Benchmarks Regulation’) by 30 April 2020.
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AFX founder says new interbank market will spark demand for Ameribor derivatives
Wider use of new U.S. interest rate benchmark expected to drive hedging activity
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FIA, ISDA, GFMA and EMTA joint briefing on the need to extend the transition period of the Benchmark Regulation
FIA, together with ISDA, GFMA and EMTA, published a briefing today requesting EU policymakers to extend the transition period of the Benchmarks Regulation for critical and non-critical benchmarks due to significant negative implications for financial stability in European and global financial markets and competitive disadvantages for European companies.
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FIA, GFMA and ISDA respond to the ESMA Consultation Paper on draft technical standards under the Benchmarks Regulation
On 2 December, FIA, GFMA and ISDA submitted a joint response to the ESMA Consultation Paper on draft technical standards under the Benchmarks Regulation (BMR).
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