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14 Benchmarks Regulation »

Michael Thomas, Anahita Patwardhan
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove
This chapter addresses the European Benchmarks Regulation. The aftermath of the 2008 financial crisis revealed a number of serious cases of manipulation affecting important benchmarks. Indeed, financial services regulators in the UK and worldwide became aware of the need for measures to improve the transparency, governance, and integrity of benchmarks. This led to a number of international and national initiatives to regulate benchmarks. The European Benchmarks Regulation is the latest step in this series of initiatives to prevent benchmark manipulation and to protect the markets. It does so by imposing restrictions on entities which use benchmarks, and those which produce or contribute to benchmarks. Brexit will not substantially change the way in which this regulation will apply. A hard Brexit will, however, have the effect of creating two separate regulatory regimes in the EU and the UK, respectively. This will create extra compliance hurdles for entities providing or using benchmarks on a cross-border basis.