Industry Waking To Enormity Of EU Benchmarks Regulation
Law360, London (May 9, 2017, 10:24 PM BST) -- Of the flurry of legislation swamping Europe's financial services sector in January, lawyers say one of the broadest and most problematic stems from attempts to stop manipulation of the benchmarks in financial instruments, a complex and demanding raft of changes that have flown under the radar as banks juggle with competing demands.
The second phase of the European Union Benchmark Regulation, which goes into effect at the beginning of 2018, reaches beyond traditional benchmarks such as commodities or the Libor money-market rate to include exchange-traded funds, performance of invest investment funds and credit contracts. It may also include major stock indices....
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