BMR continues to develop its impact in the different industry sectors that rely on benchmarks, e.g., derivatives, capital markets, banking, etc., as well domestic regulations. In this article, we do not look at a particular instrument or finance industry but strictly at recent regulatory changes in the United Kingdom. Although the changes are not major and do not impact the trading or negotiation of derivatives or loan facilities, it is important to monitor them and track where we are in terms of BMR implantation. This article briefly highlights the main points.
The Chairman of the US Commodity Futures Trading Commission ("CFTC"), J. Christopher Giancarlo, has published a white paper outlining principles and recommendations to improve the CFTC's existing cross-border derivatives regulatory framework. The white paper offers high-level principles and recommendations for reform. This article discusses the CFTC's existing rules and guidance and the white paper's proposals for reform, as well as providing analysis and thoughts on certain of the concepts and principals set forth in the white paper.
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