RegTech IntelligenceOn 23rd April, the Bank of England took over the administration of the benchmark rate known as SONIA (Sterling Overnight Index Average), and issued a series of reforms to the well-established benchmark as part of its implementation as a replacement to LIBOR. As a consequence of the LIBOR scandal in 2012, a Bank of England
Benchmarks and indices are vital tools for assessing the underlying price of financial instruments and contracts as well as for measuring the performance of investment funds. Despite this, recent LIBOR and EURIBOR scandals have exposed how vulnerable to manipulation these instruments are. In the light of these events, the European Commission produced a benchmark regulation, which
On 15 February, ESMA released a discussion paper with the purpose of consulting stakeholder opinions on the technical implementation of the incoming Benchmarks Regulation. This regulatory process was initiated on 18 September 2013 at an EU level when the Commission published a legislative proposal for a new regulation on benchmarks, which falls in line with
Over the last six months, market monitoring and market abuse have had their fair share of coverage. The industry witnessed the conviction of Tom Hayes, for LIBOR rigging, the introduction of permanent injunctions in cases of market abuse, acquittals of six defendants accused of conspiring to rig the LIBOR and now preparation for the new
JWG analysis. It’s only Tuesday and already this week we’ve had some big headlines in the financial services world. On the other side of the Atlantic, Banamex USA was fined by federal and state banking regulators for failure to implement adequate safeguards against money laundering transactions. Perhaps even more significant news is the recent conviction
JWG analysis. Mark Carney recently declared the ‘age of irresponsibility’ within the fixed income, currency and commodities (FICC) markets to be over. Just over a year ago, the UK Government introduced the Fair and Effective Markets Review (FEMR) in response to the FX and LIBOR scandals. The large scale misconduct and collusion had damaged public
Recent developments give firms some reasons to celebrate but be prepared for a long engagement With lots of different regulatory benchmark efforts now underway, the industry could be forgiven for not taking a common stance. With IOSCO set to issue final principles in July, ESMA and the EBA are simultaneously consulting on a European set