Bumpy Ride Ahead for EU Benchmarks Under BMR

Regulators turn their attention from one type of benchmark to another, prompting some firms to hive off index businesses, and leaving those that remain-and the acquirers-with significant compliance burdens.

The European Securities and Markets Authority’s (ESMA’s) new Benchmark Regulation (BMR) brings the provision of benchmark indexes within regulatory scope for the first time in the EU when it comes into full force at the start of next year, concurrent with MiFID II. The regulation is designed to reduce conflicts of interest at index providers and benchmark administrators, and to separate index management and administration from trading by increasing governance and controls that will make it tough

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