Benchmarks
Asset managers use financial indices and benchmarks when managing portfolios on behalf of their clients. Integrity and accuracy of benchmarks and indices are critical to the pricing of many financial instruments, and therefore play an important role in building confidence in the market and its reflection of the real economy.
EFAMA believes that a balanced and proportionate regulatory framework is needed to efficiently deal with benchmarking risks (such as manipulation and conflicts of interest), without unjustifiably hampering investment opportunities or increasing burden and costs for end-investors.
EFAMA reply to COM consultation on Draft Delegated Regulation under BMR
EFAMA response to the ESMA Consultation Paper on Draft Technical Standards under the Benchmarks Regulation
EFAMA welcomes the opportunity to provide comments to the ESMA Consultation Paper on the draft technical standards under the Benchmark Regulation. EFAMA also welcomes a number of clarifications that ESMA is providing in this Consultation since its previous Discussion Paper.
EFAMA response to ESMA's Discussion Paper on Benchmarks Regulation
EFAMA welcomes the opportunity to provide comments to the ESMA Consultation Paper on the technical advice to the European Commission on the Benchmarks Regulation. EFAMA also welcomes a number of clarifications and improved points that ESMA is providing in its Consultation and draft Technical Advice since its previous Discussion Paper.
A rushed deal on the Benchmarks Regulation would jeopardise transparency, with negative impacts for the sustainable finance framework
EFAMA members are concerned that revisions to the Benchmark Regulation, which is due to be voted in the European Parliament’s ECON committee next week, will harm the EU sustainable finance regime and create gaps in transparency more broadly.
3 Questions to Jean-Louis Schirmann on the use of EURIBOR
Q #1 How was Euribor impacted by the adoption of the Benchmark Regulation (BMR) and what are the relevant features of the reformed Euribor for investment managers?
3 Questions to Christophe Binet on LIBOR Transition
Q #1 When will LIBOR phase out and which rates will be replacing it?
The London Interbank Offered Rate, also known as LIBOR®, is a widely-used index for short-term interest rates that is commonly found in
Closet Index Funds
EFAMA has reviewed ESMA’s statement “Supervisory work on potential index tracking”, which sets out research to determine whether any indication of closet indexing could be found at EU level. To contribute to the debate on this matter, EFAMA has prepared a paper, which highlights the limits of identifying closet index funds through a statistical analysis, drawing on recently published research papers.
