ISDA Responds to EC’s BMR Consultation

On August 11, 2022, ISDA submitted a response to the European Commission’s consultation on reforming the EU Benchmarks Regulation (BMR). In its response, ISDA highlights that without significant reform,  the BMR could expose benchmark users in the European Union (EU) to the threats that BMR was intended to protect them from, putting them at a competitive disadvantage to users of benchmarks in other jurisdictions. The response details a number of proposals to reform the third country regime including; making compliance mandatory for EU and third country ‘systemic’ benchmarks only; creating a voluntary regime for all other EU and third country benchmarks; reforming the prohibition on use of non-compliant systemic benchmarks; improving end-user visibility of which benchmarks are compliant; and removing uncertainty regarding key BMR provisions. Further information on the problems with the BMR and ISDA’s proposals can be found in the briefing paper: The Importance of Reforming the EU Benchmarks Regulation published on August 11, 2022.

Documents (1) for ISDA Responds to EC’s BMR Consultation

ISDA/IIF Responds to the PRA Consultation

On July 30th, ISDA and IIF responded to the PRA consultation (CP10/25) on enhancing banks’ and insurers’ approaches to managing climate-related risks, which proposes updates to the Supervisory Statement 3/19 on climate-related risk management for banks and insurers. ISDA and...

ISDA Board Appoints New Chair

ISDA has announced that its Board of Directors has elected Amy Hong as its new Chair. Ms. Hong is Head of Strategy, Investments and Partnerships in the Global Banking & Markets division at Goldman Sachs, responsible for leading strategic initiatives...

Response on Scope of BMR

On July 28, ISDA and the Global Foreign Exchange Division of the Global Financial Markets Association responded to the European Commission’s (EC) consultation on the need to exempt spot foreign exchange (FX) benchmarks under Article 18a of the EU Benchmarks...