Benchmarks

Sun 03 Jul, 2022

Deadline for the Commission to submit the Report on article 37 MiFIR on non-discriminatory access to and obligation to licence benchmarks

Fri 03 Jan, 2020

MiFIR provisions on non-discriminatory access to and obligation to licence benchmarks start applying (Article 37 (1)(2)(3) MiFIR)

Wed 01 Jan, 2020

Deadline for the Commission to submit a report on the Benchmarks Regulation

Mon 01 Jan, 2018

Start of application of the Benchmarks Regulation, except for certain articles applying from 30 June 2016 or 3 July 2016 (See article 59)

Mon 01 May, 2017

Working Group of the Markets Committee of the BIS releases a single global code of conduct for the FX market (expected)

Sat 01 Apr, 2017

Deadline for ESMA to submit draft RTS and ITS under the Benchmarks Regulation to the Commission

Tue 28 Feb, 2017

FCA Implementation of the Benchmarks Regulation – Consultation Paper (expected)

Fri 16 Dec, 2016

IOSCO publishes Report on Guidance on the IOSCO Principles for Financial Benchmarks (FR13/2016)

Thu 15 Dec, 2016

ESMA publishes Consultation paper Draft technical standards on data to be made publicly available by TRs under Article 81 of EMIR, including partial overlap with benchmarks regulation (ESMA/2016/1661)

Fri 09 Dec, 2016

Entry into force of Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks (Text with EEA relevance )

Thu 10 Nov, 2016

ESMA publishes Final Report Technical advice under the Benchmarks Regulation (ESMA/2016/1560)

Mon 31 Oct, 2016

ESMA Final Report on technical advice to the Commission on benchmarks regulation (expected)

Thu 29 Sep, 2016

ESMA publishes Consultation Paper Draft technical standards under the Benchmarks Regulation (ESMA/2016/1406)

Sat 13 Aug, 2016

Entry into force of Commission Implementing Regulation (EU) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council (Text with EEA relevance)

Fri 22 Jul, 2016

FSB’s OSSG publishes a final monitoring report on implementation of benchmark reforms (expected)

Thu 30 Jun, 2016

Entry into force of the REGULATION (EU) 2016/1011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014

Wed 01 Jun, 2016

Full implementation update of the UK Fair and Effective Markets Review on Fixed Income, Currency and Commodities (FICC) markets (expected)

Fri 27 May, 2016

ESMA publishes Consultation Paper on Draft technical advice under the Benchmarks Regulation (ESMA/2016/723)

Sat 30 Apr, 2016

Bank of England publishes further consultation on detailed plans to reform SONIA (Expected, Q2)

Fri 26 Feb, 2016

Second review by IOSCO of the implementation of the principles on financial benchmarks for Euribor, Libor and Tibor (originally scheduled for June 2015)

Mon 15 Feb, 2016

ESMA publishes Discussion Paper on Benchmark Regulation (ESMA/2016/288)

Thu 11 Feb, 2016

The Commission sends a mandate to ESMA for technical advice on possible delegated acts (see Cover note and Request)

Thu 31 Dec, 2015

ICE Benchmark Administration will have publicly consulted on changes to LIBOR (expected)

Mon 14 Dec, 2015

ICE Benchmark Administration Limited publishes Feedback Statement on the evolution of ICE LIBOR

 

Fri 31 Jul, 2015

ICE Benchmark Administration publishes second position paper on LIBOR

Fri 24 Jul, 2015

A new sterling money market data collection and the reform of SONIA: public consultation of the Bank of England

Thu 09 Jul, 2015

FSB’s OSSG publishes an interim progress report on implementation of benchmark reforms

Tue 30 Jun, 2015

ICE Benchmark Administration will have considered the recommended LIBOR methodology and the viability of each LIBOR tenor (end of Q2, expected)

Wed 10 Jun, 2015

Final Report – UK Fair and Effective Markets Review on Fixed Income, Currency and Commodities (FICC) markets

Mon 01 Jun, 2015

IOSCO conducts a second review of implementation of principles on benchmarks by WM/Reuters 4 p.m. Closing Spot Rate (expected)

Fri 01 May, 2015

ICE Benchmark Administration Limited publishes Feedback Statement on the evolution of ICE LIBOR

Wed 01 Apr, 2015

Regulation by the FCA of 7 additional benchmarks

Tue 31 Mar, 2015

ICE Benchmark Administration will have worked with contributing banks to analyse available transaction data on LIBOR (end Q1, expected)

Thu 01 Jan, 2015

IOSCO reviews the “Principles for Financial Benchmarks” (expected)

Wed 31 Dec, 2014

Deadline for administrators of Euribor, Libor and Tibor to provide to their regulatory authority  the work plan to align with IOSCO’s principles

Mon 22 Dec, 2014

FCA publishes CP- Bringing additional benchmarks into the regulatory and supervisory regime (CP14/32)

Thu 11 Dec, 2014

European Parliament’s Economic and Monetary Affairs Committee (ECON) publishes a draft report on benchmark proposal

Mon 20 Oct, 2014

ICE Benchmark Administration publishes first position paper on LIBOR

Tue 30 Sep, 2014

Thu 25 Sep, 2014

Interim recommendations on benchmarks from the UK “Fair and effective markets review” 

Fri 01 Aug, 2014

IBA launches a consultation paper on error policy for LIBOR

Tue 22 Jul, 2014

FSB publishes “Reforming Major Interest Rate Benchmarks“, recommending a transition to IBOR+ and alternative, risk-free reference rates

Fri 18 Jul, 2014

Deadline for Benchmark Administrator compliance with IOSCO “Principles on Financial Benchmarks”

Mon 31 Mar, 2014

FCA announces a thematic review on benchmarks

Tue 07 Jan, 2014

ECB publishes opinion on the benchmark regulation

Wed 18 Sep, 2013

EU Commission publishes proposed benchmark regulation

Thu 18 Jul, 2013

Thu 06 Jun, 2013

ESMA-EBA publishes Final Report on benchmark, including “Principles for Benchmark-Setting Processes in the EU”

Tue 02 Apr, 2013

UK legislation on benchmarks enters into force. Only LIBOR is designated as a “Specified Benchmark”.

Sat 01 Dec, 2012

FSA publishes a Consultation Paper on “The Regulation and Supervision of Benchmarks” (CP 12/36)

Fri 28 Sep, 2012

The Wheatley Review publishes its final report on LIBOR reform

Mon 02 Jul, 2012

The Chancellor of the Exchequer announces that Martin Wheatley – the prospective Chief Executive of the new FCA – will lead the review of the framework for the setting of LIBOR

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