The European Commission announced that all stakeholders will be invited to the date to launch a public consultation on the production and use of financial and other contractual benchmark index.
The EU document said that the recent outbreak of the London interbank offered rate (LIBOR), the benchmark interest rate manipulation case exposed the importance and vulnerability of these indices. The integrity of the benchmark index on the pricing of many financial instruments, such as interest swaps, including loans and mortgage loans, including commercial and non-commercial contracts, as well as risk control is critical.
EU Internal Market and Services Commissioner Michel Barnier said: "is a typical example of the international investigation of the LIBOR rate manipulation case, proof of the dangers of the behavior of some banks any suspicion on the integrity and accuracy of the index. will undermine the confidence of the market and cause losses to investors and hurt the real economy. "
It is reported that the consultation involved range covers almost all benchmarks include, in addition to the LIBOR interest rate index, such as commodities, real estate price index. In addition, the parties will also establish procedures and use of these indicators process defects may occur, the purpose of the use of indicators, as well as supervision of trading data with transparency and other issues are discussed. The closing date for the consultation is 15 November.
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