European retail and institutional investors use European Union (EU) and third-country benchmarks for a variety of critical commercial purposes, from hedging their exposures to converting overseas revenue and repatriating funds. The EU Benchmarks Regulation (BMR) was intended to protect European investors from the risks and disruption posed by poorly run or failing benchmarks. Instead, fundamental flaws in its conception mean that without significant reform, the BMR could expose benchmark users in the 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.
In May 2022, the European Commission published its latest consultation on reforming the BMR. ISDA’s response is here.
To coincide with the consultation, ISDA, the Asia Securities Industry and Financial Markets Association, the Futures Industry Association, the Global Foreign Exchange Division of the Global Financial Markets Association, the European Association of Corporate Treasurers and EMTA published an updated version of their June 2020 recommendations, aimed at maintaining the intended protections of the BMR while reducing the potential for uncertainty, disruption and preventing EU investors being put at a competitive disadvantage versus non-EU entities.
Click on the attached PDF to read the full paper.
Documents (1) for Reforming the EU Benchmarks Regulation: Updated Recommendations
Latest
Key Trends in OTC Derivatives Market H2 2025
The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all...
ISDA-SIFMA letter to SEC on Swap Dealer Thresholds
ISDA and SIFMA have submitted a comment letter to the SEC in response to the staff report on the definitions of “security-based swap dealer” and “major security-based swap participant.” The associations recommend maintaining the current de minimis thresholds for both...
ISDA responds to RBI consultation on SA-CCR
On July 1, ISDA responded to the Reserve Bank of India's (RBI) consultation on draft amendment directions on the standardized approach for counterparty credit risk (SA-CCR). ISDA broadly welcomes the RBI's move to SA-CCR and updated capital treatment for exposures...
Data Subject Access Request Form
Pursuant to its mission to promote safe and efficient markets within the over-the-counter (OTC) derivatives industry, The International Swaps and Derivatives Association, Inc. (ISDA) processes personal data of its employees, members and non-members (for example individuals attending ISDA conferences or...