ISDA Comments on the European Commission’s BMR Review Proposal

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

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This research note analyzes changes in interest rate derivatives (IRD) trading activity in the US, EU and UK from 2021 to 2024. It examines how central bank interest rate policies influenced IRD trading volumes and how the composition of IRD...

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On June 16, ISDA responded to the European Securities and Markets Authority's (ESMA) consultation on the new clearing threshold (CT) regime. The new CT regime, based on uncleared positions, was introduced in the context of the European Market Infrastructure Regulation...