Derivatives Traders Push Back On EU Benchmark Fees
Law360, London (November 10, 2020, 3:16 PM GMT) -- Derivatives traders have criticized the European Union's proposed fees for companies that control interest rate benchmarks under new bloc-wide benchmark regulation.
The International Swaps and Derivatives Association, which represents traders in over-the-counter derivatives, said on Monday that the European markets regulator has set fees too high for benchmark administrators that wish to trade in the EU. Administrators are finance companies that have control over interest rate benchmarks.
The association, known as ISDA, said in its response to the European Securities and Markets Authority's consultation on setting fees for benchmark administrators that the proposed fees are too high. The charges would impede trading by...
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