Benchmark Reform

Regulators across the globe have been focused on ensuring that systemically important benchmarks used in global capital markets are robust and subject to scrutiny.  FIA has been monitoring and commenting on recommendations and benchmark transitions.

Recent work

  • MarketVoice Podcast - The quietly successful LIBOR transition

    Derivatives markets have long been warned the cessation of certain LIBOR panels after December 31, 2021. And thankfully, that date has come and gone without incident. Steve Hamilton, ICE's global head of financial derivatives, talks with FIA about the hard work of preparing for this moment and prospects for future liquidity in risk-free rates including SONIA.

  • 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.

  • 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

  • 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