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EU Benchmark Regulation: Our translation, your transition and the timeframe
Journal of Securities Operations & Custody,
10
(3),
279-283
(2018)
Abstract
The European Commission’s Regulation on indices used as financial benchmarks in financial instruments and financial contracts is effective from 1 January 2018. The Regulation aims to reduce the risk of manipulation, bolster the reliability of benchmarks administered and ultimately provide a safer environment for the use of benchmarks in the EU. Steve Farrell and Mark Cankett from Deloitte LLP examine some key considerations for firms in implementation of this regulation.
Keywords: EU; BMR; EU BMR; benchmark; reform; LIBOR; banking; administrator; third country
The full article is available to subscribers to the journal.
Author's Biography
Stephen Farrell is a partner in Deloitte’s Banking & Capital Markets Audit Group, Deloitte Benchmarks Team and has a leadership role in the firm’s financial benchmark assurance and advisory engagements. He has extensive experience in financial services audit, internal audit and regulatory projects. He has worked with a range of banking institutions, having developed a thorough technical understanding of banking products and treasury control practices. He sits on a committee of the Fixed Income, Currencies and Commodities (FICC) Markets Standards Board.
Mark Cankett is a partner in Deloitte’s Banking & Capital Markets Audit Group, Deloitte Benchmarks Team, in London. Mark has experience across financial services audit and assurance, regulatory compliance and regulatory investigations. Mark’s experience has provided him with a strong understanding of control frameworks and the impact of control and process breakdowns in global markets. He assists clients with implementation processes and controls change, and sits on a committee of the Fixed Income, Currencies and Commodities (FICC) Markets Standards Board.
