Benchmarks

Benchmarks
Market Integrity

The European Securities and Markets Authority (ESMA) has issued today an update of its Question and Answers (Q&As) on the European Benchmarks Regulation (BMR).

The new Q&As provide clarification on the following issues:

·         the commodity benchmark definition; and

·         the contribution to the euro short-term rate (€STR).

The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR. It provides responses to questions posed by the public, market participants and competent authorities in relation to the practical application of the BMR. The content of this document is aimed at competent authorities under the Regulation to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. It also provides guidance to market participants by providing clarity on the BMR requirements.

Benchmarks
Guidelines and Technical standards

The European Securities and Markets Authority (ESMA) has issued today the official translations of its Guidelines on non-significant benchmarks under the Benchmarks Regulation.

National Competent Authorities (NCAs) to which these Guidelines apply must notify ESMA whether they comply or intend to comply with the Guidelines, within two months of the date of publication by ESMA of the Guidelines in all EU official languages.

Guidelines on non-significant benchmarks under the Benchmarks Regulation

BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.

CS - Tento překlad vypracovalo Překladatelské středisko pro instituce Evropské unie.

DA - Denne oversættelse er udarbejdet af Oversættelsescentret for Den Europæiske Unions Organer.

DE - Die Übersetzung erfolgte durch das Übersetzungszentrum für die Einrichtungen der Europäischen Union.

EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.

ES - Texto traducido por el Centro de Traducción de los Órganos de la Unión Europea.

Benchmarks
Market Integrity

The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on the European Benchmarks Regulation (BMR).

The new Q&As provide clarification on the following issues:

  • the information included in the ESMA register of administrators of benchmarks;
  • determination of the Member State of reference; and
  • the role of IOSCO principles and of external audit in the recognition of 3rd country administrators.

The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of the BMR. The content of this document is aimed at competent authorities under the Regulation to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. It also provides guidance to market participants by providing clarity on the BMR requirements.

Benchmarks
Brexit
MiFID II: Transparency Calculations and DVC
Speeches

Today, ESMA Executive Director, Verena Ross delivered a keynote speech at the ICMA Annual General Meeting and Conference in Stockholm, Sweden.

Benchmarks
Market Integrity

Today the EUR risk-free rates working group published a consultation paper on the “EONIA to €STR legal action plan”, reaching out to market participants about the need of implementing a legal action plan to ensure a smooth transition from EONIA to €STR in new and legacy contracts.

The consultation highlights the potential consequences if legacy contracts are not amended or if market participants are not operationally ready to use €STR. It also deals with the Benchmark Regulation (BMR) requirement of including fall-back clauses in contracts referencing benchmarks (BMR Article 28.2).

The European Securities and Markets Authority (ESMA) is part of the working group and encourages stakeholders to provide feedback by 12 of June.

Benchmarks
Market Integrity
Supervisory convergence

The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on the European Benchmark Regulation (BMR).

The new Q&A provide clarification on provisions of the BMR regarding the scope of application of the Commission Delegated Regulations adopted under the BMR depending on the type of benchmark and in particular:

·         Regulated-data benchmarks;

·         Interest-rate benchmarks; and

·         Commodity benchmarks.

The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of the BMR. The content of this document is aimed at competent authorities under the Regulation to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. It also provides guidance to market participants by providing clarity on the BMR requirements.

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