This Policy Statement sets out our framework for regulating and supervising the seven additional benchmarks being brought into regulatory scope.
In CP14/32 we outlined our proposals for regulating and supervising the seven additional benchmarks coming into regulatory scope. This followed recommendations by the Fair and Effective Markets Review and the Treasury's subsequent consultation on the recommendations.
The benchmarks being brought into scope are:
Currently, the London Inter-bank Offered Rate (LIBOR) is the only benchmark we regulate.
This Policy Statement summarises the responses we received to our consultation, provides our response to the feedback and publishes the final rules.
The rules set out in the Policy Statement affect the administrators of the additional benchmarks and, where the benchmark has regulated submitters, firms that submit to them. They also affect the administrator of, and submitters to, LIBOR.
These changes will be of interest to firms that use these benchmarks as part of their ongoing business, including electronic trading platforms and similar entities. These changes may interest other financial institutions with a significant profile in global markets referencing benchmarks. And they may also be of indirect interest to consumers.
The Handbook provisions come into force on 1 April 2015.
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