Non-EU banks consider updating benchmark fallbacks
Move follows Iosco call for contingency planning that mimics new EU standards
Some banks outside of the European Union are looking into updating their derivatives contracts to meet standards similar to those set out in the bloc’s new benchmark regime, after a prod from the International Organization of Securities Commissions (Iosco).
The EU’s Benchmarks Regulation (BMR), which has been in force since January 1, requires firms to have written plans outlining the actions they would take if one of the benchmarks they use ceases to exist, is materially changed, or is no
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