ISDA and 13 other trade associations have published a paper expressing concern that the EU Benchmarks Regulation (BMR) third-country benchmarks regime transition period should be extended to end-2025. The European Parliament and the Council of the European Union are in final negotiations on a revision of BMR, with the council having supported an extension to end-2025 in its version of the draft text.

The associations believe this extension is urgently needed to prevent putting EU firms being placed at a competitive disadvantage in global markets and to allow policy-makers to conduct a comprehensive review of the current third-country regime under BMR.