ISDA makes recommendations to reform EU Benchmark Regulation

Article summary

The International Swaps and Derivatives Association (ISDA), in collaboration with the Asia Securities Industry and Financial Markets Association, the Futures Industry Association and the Global Foreign Exchange Division of the Global Financial Markets Association, has published a set of recommendations for the EU to reform Regulation (EU) 2016/1011, the Benchmark Regulation (BMR). The ISDA briefing paper states that the BMR has ‘fundamental flaws in its conception’ that ‘have made the BMR a threat to the financial well-being of benchmark users in the EU and put them at a significant competitive disadvantage.’