On 6 October 2020, ISDA responded to the consultation on the European Commission’s (EC) proposal amending the European Benchmarks Regulation (BMR) with respect to the critical benchmarks regime and FX spot benchmarks.
The ISDA response focuses on the suggested statutory power to mandate e replacement benchmark for critical interest rate benchmarks subject to cessation such as LIBOR, in particular in the context of the ISDA IBOR Fallbacks, the territorial and product scope of the power, and the interaction with other global ‘tough legacy’ solutions. In addition and with respect to third country benchmarks, ISDA reiterated its view that the BMR requires a holistic reform in order to establish a functioning third country regime whilst also addressing the EC’s suggested exemption power for non-deliverable FX rates.
Contacts: Stevi Iosif (SIosif@isda.org) / Rick Sandilands (RSandilands@isda.org) / Kai Moritz (kmoritz@isda.org)
Documents (1) for ISDA Comments on the European Commission’s BMR Review Proposal
Latest
US Treasury Repo Clearing Indicators July 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities...
ISDA In Review – August 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in August 2026.
Remove Bureaucracy from Cross-margin Approvals
Cross-margining programs play a critical role in financial markets. By ensuring margin requirements more closely reflect the actual risk of a portfolio of products, they reduce liquidity strain and improve market efficiency, both of which will become even more important...
Joint Response on CCP Resolution
On September 7, ISDA and FIA responded to a Bank of England (BOE) discussion paper on central counterparty (CCP) resolution. The associations support greater clarity on valuation capabilities prior to a crisis scenario and the boundary between recovery and resolution,...