This consultation paper sets out our proposals for fair, reasonable and non-discriminatory (FRAND) access to regulated benchmarks by benchmark administrators.
Why are we consulting on this?
In PS15/6 we published our final rules 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.
In our policy statement we noted that some respondents to our consultation had raised concerns regarding the unconstrained ability of administrators to set the prices of benchmarks. In our response, we stated that we would consider whether additions to the MAR 8 rules in this regard were necessary. We have subsequently reflected on this issue further and determined that there is likely to be merit in additional rules.
CP15/18: Fair, reasonable and non-discriminatory access to regulated benchmarks[1] [PDF]
Who should read this paper?
The proposals set out in this consultation paper affect the administrators of the eight regulated benchmarks. They will also affect users and potential users of these benchmarks. These changes may also be of interest to other financial institutions with a significant profile in global markets referencing benchmarks. They may be of indirect interest to consumers.
Next steps
We want to know what you think of our proposals and welcome comments using our online response form[2] by 3 August 2015.
Find our more
- Read our Handbook[3]
- PS15/6: Bringing additional benchmarks into the regulatory and supervisory regime[4]
- Fair and Effective Markets Review[5] (Bank of England)
- Fair and Effective Markets Review’s benchmarks to bring into UK regulatory scope[6] (HM Treasury)