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The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does ...

In May 2018, the European Commission presented a package of measures on the financing of sustainable growth. The package includes three proposals aimed at establishing an EU taxonomy on sustainable economic activities, improving disclosure requirements and creating a new category of financial benchmarks to help investors measure the carbon footprint of their investments. Financial benchmarks have an important impact on investment flows. Many investors rely on them for creating investment products ...

This briefing focuses on the implementing measures under Regulation (EU) No 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (BMR). Items for discussion at the monthly scrutiny session could include the forthcoming Regulatory Technical Standards under BMR, including rules on input data and the authorisation/registration of an administrator, as well as other outstanding issues, such as Regulated Data Benchmarks ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: the ECB addendum on NPLs, the LCR ratio in case of Banco Popular, the Supervisory Banking Statistics for the second quarter of 2017, recent guidance documents published by the SSM, and recent external ...

• In the Communication on reform recommendations [COM(2017)8290 final], the European Commission has shown how the regulation of professional services is a significant policy issue for the Single Market. It also underlines the relevance of policy action in this area in the wider context of European labour markets and EU strategies and policies. • The policy objectives for the reform recommendations need to be articulated more clearly. This includes being clear that Member States need to balance the ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: information in the public domain relating to the resolution of Banco Popular, the ECB’s supervisory expectations for banks relocating to the euro area in the context of Brexit, the Supervisory ...

This note is prepared in view of a regular public hearing as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the EP and the European Central Bank. Ms Nouy will inter alia present the SSM Annual report 2016. The EP received a copy of that report on a confidential basis, under embargo until Thursday, 23 March 2016, at 9:00 CET. This briefing therefore does not use or refer to any information provided in that Annual report. The following issues are addressed in this ...

This note is prepared in advance of the regular hearing with the Chair of the Single Supervisory Mechanism on 9 November 2016 in the competent Committee of the European Parliament. It deals specifically with some methodological issues raised in the public domain in the context of the EBA 2016 stress test. A separate briefing on more general aspects of this exercise (“Bank stress testing: stock taking and challenges”) has been published by EGOV on 22 September 2016.

Benchmarks in financial instruments

In sintesi 25-04-2016

A benchmark is an index (statistical measure), calculated from a representative set of underlying data, which is used as a reference for financial instruments or contracts. Well-known benchmarks include the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The manipulation of those two benchmarks has sparked concerns about the integrity of benchmarks worldwide. The European Parliament is due to vote on the Commission's proposal for a regulation on indices used as ...

Lo studio oggetto della presente nota mira principalmente a valutare se sia auspicabile e fattibile creare un sistema transnazionale per raccogliere e monitorare i dati relativi alle attività di ricerca (in merito a input, output e produttività), onde migliorare la definizione delle politiche da seguire e identificare le opzioni pertinenti per la politica in materia di ricerca. A tal fine lo studio analizza i fattori fondamentali che influenzano la politica in materia, vale a dire le principali ...