We regulate eight benchmarks specified in legislation by HM Treasury. The EU Benchmarks Regulation, published on 29 June 2016, will fully apply 18 months after publication and will bring a much wider range of benchmarks into regulation.
Benchmarks help to set prices, measure performance, or work out amounts payable under financial contracts in a wide range of markets.
We help shape thinking on how to regulate financial benchmarks through our work with international regulatory bodies and domestic UK regulation. We regulate eight key benchmarks and can fine firms and ban individuals where we find attempted benchmark manipulation.
We have an objective to ensure that markets work well. Key benchmarks are used across the globe, so it is vital that regulators take coordinated steps to improve market integrity.
We are working with HM Treasury and the Bank of England on European-wide rules for benchmarks, and domestic reforms led by the UK Fair and Effective Markets Review.
We will also continue to engage with global regulatory groups, and co-chair the work of the International Commission of Securities Regulators (IOSCO) and the Financial Stability Board (FSB) on benchmarks.