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The Commission has published today on its website a summary of contributions to the public consultation on benchmarks which was launched in September 2012 and closed at the end of November 2012. A total of 84 contributions were received, of which 75 were non-confidential and have been published. Respondents cover a wide range of stakeholders including: national financial authorities; securities regulators; exchanges; banks; investment funds; associations; academics and citizens.
There was a fair degree of consistency in the responses regarding the need to re-establish confidence in benchmarks which have been shown to be susceptible to potential manipulation. However, opinions differ as to the form this regulation should take, and to whom it should apply. Consultation respondents agree on the need for high governance and transparency standards for benchmarks providers and contributors, on recognising the fact that conflicts of interest exist, both in the production of and submissions to diverse benchmarks, and that these should be managed or removed.
Most responses to the consultation also point to potential continuity and regulatory arbitrage issues in case regulatory initiatives on the reform of benchmark setting process are not properly calibrated and coordinated and support global coordination on benchmark reform.
Source: EXME 13 / 08.02