Benchmarks Reform and Transition to Risk-free Rates

Reliable benchmarks and reference rates are critical to the smooth functioning of global financial markets. GFMA aims to build awareness as the markets transition to new risk-free rates.



GFMA IBOR Transition Documents

April 2019  |  Correspondence  |  White Papers and Reports

8 April - To aid in the awareness of the IBOR transition processes impacting globally-active financial institutions, the Global Financial Markets Association (GFMA) has created the following documents outlining the various parts and players. This information is organized into the enclosed three products: 1. Key Timelines and Milestones for the Japanese yen, Euro, UK pound sterling, U.S. dollar, and the Swiss franc; 2. Snapshot of the IBOR and RFR variables associated with each currency; 3. ‘At a Glance’ Tracker of each official sector working group activities and near-term expected actions.

GFMA, FIA, and ISDA Submit Joint Comments to the ESMA consultation on draft guidelines on non-significant benchmarks under the BMR

November 2017  |  Correspondence  |  Press Releases

GFMA, FIA, and ISDA submitted a joint comment letter to the ESMA consultation on draft guidelines on non-significant benchmarks under the BMR. While supportive of the broad goals of the BMR to provide a harmonized regulatory framework for non-significant benchmarks in the EU, comments emphasized the need for greater proportionality in several aspects of the draft guidelines. The trades recommended that ESMA should eliminate or reduce some of the requirements of the draft guidelines, to achieve a more proportionate, principles-based and balanced approach, particularly where the draft guidelines covers obligations similar to those which are not applicable to non-significant benchmark under the BMR.

GFMA, FIA and ISDA Submit Comments to ESMA on its Consultation Paper on the Benchmarks Regulation

December 2016  |  Correspondence  |  Press Releases

GFMA, FIA and the International Swaps and Derivatives Association (ISDA) are pleased to provide comments to European Securities and Markets Authority (ESMA) on ESMA’s Consultation Paper on draft technical standards under the Benchmarks Regulation. We appreciate ESMA’s desire to solicit stakeholder views in order to facilitate the finalization of regulatory and implementing technical standards supporting the implementation of the Benchmarks Regulation (the “BMR”).

Note: The PDF download is the ESMA Reply form for the Consultation Paper on Benchmarks Regulation

GFMA Submits Commens to IOSCO and the FCA on Implementation of PRA Principles

May 2014  |  Correspondence  |  Press Releases

The Commodities Working Group (CWG) of GFMA provides comments to the International Organization of Securities Commissions (IOSCO) and the Financial Conduct Authority (FCA) on the implementation of PRA Principles (Principles) which were published October 2012.

GFMA welcomes the development of these Principles by IOSCO as a step towards ensuring that key oil market benchmarks are subject to robust, consistent, transparent and sound practices. Moreover, we fully endorse IOSCO’s review of the implementation of the Principles to ensure the smooth functioning and transparency within these markets.

While supportive of the progress to date, GFMA considers that more could be done to ensure market integrity. GFMA believes that PRAs should move forward with codes of conduct in line with the Principles. These codes must be sufficiently robust to ensure transparency of methodology and price assessment, and also to strengthen governance oversight, internal controls (including identification of trade anomalies and verification by third parties) and management of conflicts of interest.

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