On 30 September 2014, the FSB published the Final Report on Foreign Exchange Benchmarks, along with the Review of the implementation of IOSCO principles on financial benchmarks in connection with the WM/Reuters 4 pm Closing Spot Rate. Final Report on FX Benchmarks The Final Report contains 15 broad recommendations, covering: WM/Reuters 4pm London fix Central […]

On 10 September 2014, the Presidency of the Council of the EU published its first compromise proposal for regulation on benchmarks. This last version reveals a variety of adjustments since the original proposal published in September a year ago. Although some changes result in a lighter bite for certain benchmark administrators, Brussels is sharpening the knives […]

The significant improvements brought to the most famous IBOR might prove a pointless exercise. Improvements to LIBOR Further to the Wheatley Report in the UK, LIBOR was brought under the regulatory scope of the FCA as the first (and only) specified benchmark. The administration of LIBOR was transferred from the old BBA LIBOR to the […]

On 1 August 2014, ICE Benchmark Administration Limited (IBA) formally assumed the role of ISDAFIX administrator. IBA confirmed that ISDAFIX will undergo major changes by moving from a polled submission model to a methodology based on actual transactions and/or executable quotes. This reflects one of the key orientations outlined in the IOSCO principles on financial […]

On 22 July, IOSCO published a Review of the implementation of the principles on financial benchmarks by the administrators of Euribor, Libor and Tibor. The 150 page review covers the degree of implementation of the principles as of 11 April 2014, only seven months after the final principles were released. The significance of these three […]

On 15 July, the FSB’s Foreign Exchange Benchmark Group published an interim report on FX benchmarks.  Responses should be sent by 12 August. The report focuses on the two pre-eminent FX benchmarks: the World Markets Co/Reuters (WMR) 4pm London fix and the euro foreign exchanges rates set by the European Central Bank (ECB). WMR publishes […]

Although George Osborne’s annual Mansion House speech was dominated by plans to tackle the UK’s chronic housing shortage, the Chancellor made some familiar noises concerning the importance of the ‘integrity of the City,’ and ‘robust financial markets,’ and set out proposals to protect both. Osborne announced that the Treasury, the Bank of England and the […]

Richard Firth, our guest blogger, provides an update on developments regarding the replacement of the silver fix benchmark. Steps are being taken to develop a new global silver price benchmark when the 117 –year London silver fix, operated by The London Silver Market Fixing Limited, is disbanded from August 14th. The trade body for London’s […]

In relation to the London fixing benchmark for silver, Richard Firth dialled into the ISDA call which took place at noon (London time) yesterday. The conference call was well attended by a large number of ISDA members.  The call was led by ISDA’s Peter Werner. Also in attendance was Richard Tredgett from Allen & Overy […]