Derivatives Traders Push Back On New EU Benchmark Rules

Law360, London (October 7, 2020, 5:32 PM BST) -- Derivatives traders have pushed back against the European Commission's proposals to reform its benchmarks regulation ahead of the phase-out of the embattled London Interbank Offered Rate, saying the legislation should be clearer and more narrowly drafted.

The International Swaps and Derivatives Association, a trade body representing traders of over-the-counter derivatives, said Tuesday that proposals to give the European Commission extra powers under the Benchmarks Regulation, or BMR, are too broad and not sufficiently clear.

"Market participants should be left in no doubt about the scope of these powers," ISDA said in response to the European Commission's consultation on its proposed reforms....

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