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

Joint Paper on UK EMIR Reform

On July 1, ISDA and UK Finance published a paper, which recommended a set of reforms for the UK European Market Infrastructure Regulation (UK EMIR), carefully considering each EU EMIR 3.0 reform and asking whether we would wish to adopt...

Response to FCA on UK EMIR Reporting

On June 30, ISDA submitted a response to chapter 5 of the UK Financial Conduct Authority’s (FCA) quarterly consultation CP25/16 on trade repository reporting requirements under the UK European Market Infrastructure Regulation (UK EMIR). Chapter 5 proposes ‘Amendments to the...

CDS Trading Activity in EU, UK and US Markets

This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...