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EU Benchmark Regulation: Our translation, your transition and the timeframe
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.
The full article is available to subscribers to the journal.
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.