BMR
EU Benchmarks Regulation
Definition
The EU regulation establishing a framework for the governance, integrity, and reliability of benchmarks used in financial instruments and contracts. BMR introduced requirements for benchmark administrators, contributors, and users, including authorisation, methodology transparency, oversight functions, and use restrictions for non-EU benchmarks.
Regulatory Context
BMR was enacted in response to the LIBOR manipulation scandal and applies to benchmarks such as interest rate, commodity, and FX benchmarks. The transition from LIBOR to risk-free rates has been a major focus, with most LIBOR settings having ceased publication.