On 6 October 2020, ISDA responded to the consultation on the European Commission’s (EC) proposal amending the European Benchmarks Regulation (BMR) with respect to the critical benchmarks regime and FX spot benchmarks.
The ISDA response focuses on the suggested statutory power to mandate e replacement benchmark for critical interest rate benchmarks subject to cessation such as LIBOR, in particular in the context of the ISDA IBOR Fallbacks, the territorial and product scope of the power, and the interaction with other global ‘tough legacy’ solutions. In addition and with respect to third country benchmarks, ISDA reiterated its view that the BMR requires a holistic reform in order to establish a functioning third country regime whilst also addressing the EC’s suggested exemption power for non-deliverable FX rates.
Contacts: Stevi Iosif (SIosif@isda.org) / Rick Sandilands (RSandilands@isda.org) / Kai Moritz (kmoritz@isda.org)
Documents (1) for ISDA Comments on the European Commission’s BMR Review Proposal
Latest
Response to Eurosystem Consultation on Appia
On April 22, ISDA responded to the Eurosystem consultation on the Appia roadmap. ISDA broadly supports the roadmap and its high level principles, while recommending that the principle on market access and integration should be expanded to explicitly address interoperability...
ISDA Responds to ESMA on PTRR Clearing Exemption
On April 20, ISDA submitted a response to the European Securities and Markets Authority (ESMA) consultation paper on a draft regulatory technical standard (RTS) for the post-trade risk reduction (PTRR) exemption from the derivatives clearing obligation under Article 4b of the...
Response on Competitiveness of EU Banking Sector
On April 17, ISDA responded to the European Commission’s (EC) targeted consultation on the competitiveness of the EU banking sector. The EU is aiming to bolster the ability of its financial markets and banking sector to grow, remain competitive and...
India Forum Scott O'Malia Opening Remarks
India Derivatives Markets Forum April 16, 2026 Opening Remarks Scott O’Malia, ISDA Chief Executive Good morning and welcome. This is the third year we’ve run the India Derivatives Markets Forum, and the number of people attending has grown each...