The European Securities and Markets Authority and the European Banking Authority have published the results of their joint work on Euribor, including proposed principles for the process by which benchmark rates are set in the European Union. Significant weaknesses are identified with regard to the governance of the Euribor rate setting process (see here, pdf) and recommendations for improvement are made (here, pdf). The proposed principles for the setting of benchmarks, published for consultation, are available here (pdf). Recommendations have also been published regarding the supervision of activities relating to banks' participation in the Euribor panel (here, pdf).
It's also worth noting that the International Organisation of Securities Commissions has recently published a consultation report concerning financial benchmarks: see here (pdf).
Monday, 14 January 2013
Europe: Euribor and benchmark rate setting
The European Securities and Markets Authority and the European Banking Authority have published the results of their joint work on Euribor, including proposed principles for the process by which benchmark rates are set in the European Union. Significant weaknesses are identified with regard to the governance of the Euribor rate setting process (see here, pdf) and recommendations for improvement are made (here, pdf). The proposed principles for the setting of benchmarks, published for consultation, are available here (pdf). Recommendations have also been published regarding the supervision of activities relating to banks' participation in the Euribor panel (here, pdf).
It's also worth noting that the International Organisation of Securities Commissions has recently published a consultation report concerning financial benchmarks: see here (pdf).
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