Benchmarks

The aim of a common regulatory framework on Benchmarks at the European Union level is to ensure that benchmarks are robust and appropriately used by market participants –administrators, contributors and end users-.

In order to ensure the accuracy, integrity and reliability of benchmarks the Regulation sets out requirements for:

• Implementing governance arrangements to control conflicts of interest.
• Improving the quality of input data and methodologies.
• Ensuring transparency.

• European Regulation
• Spanish Regulation

Guidelines published by ESMA and adopted by the CNMV

• Guidelines on methodology, oversight function and record keeping under the Benchmarks Regulation   (07/12/2021)
• Guidelines on non-significant benchmarks under the Benchmarks Regulation  (19/06/2019)

ESMA and CNMV statements

• CNMV information for the sector: Information on the situation of Libor (17/07/2023)
• CNMV information for the sector: Information on the situation of Libor (27/04/2023)
• CNMV information for the sector: Information on the situation of Libor (30/11/2022)
• Joint public statement of European Commission, ECB, EBA and ESMA on Forthcoming cessation of all LIBOR settings (24/06/2021)
• Recommendations by the CNMV on Libor (and Eonia) cessation at the end of 2021 (13/01/2021)
• ESMA updates statements on the impact of Brexit on BMR (01/10/2020)
• No action letter on sustainability-related disclosures for benchmark (29/04/2020)
• ESMA statement on actions to mitigate the impact of COVID-19 on the EU financial markets regarding the timeliness of fulfilling external audit requirements for interest rate benchmarks under the Benchmarks Regulation (09/04/2020)
• CNMV´s Information for the sector: Process of adaptation of interest rate benchmarks to the new European Regulation on Benchmarks (29/07/2019)
• ESMA statement on impact of no deal Brexit to the application of some provisions of Benchmarks Regulation (07/03/2019)
• CNMV Information for the sector: Application of the new Financial Benchmarks Regulation (20/03/2018)

Questions and Answers

• ESMA Questions and Answers On the Benchmarks Regulation (BMR) (last updated: 19/11/2021)
• CNMV Questions and Answers on the Benchmarks Regulation (27/11/2018)
• If you want to submit a Q&A to ESMA, click here.
• ECB: ESTER questions and answers (July 2018)
• ECB: Why are benchmark rates so important? (21/09/17)

Supervisory convergence instruments

• Supervisory Briefing Benchmark administrators’ presence in their Member States of location and outsourcing (28/05/2021)
• Briefing BMR Recognition application
• Methodological Framework – Model Written Arrangements for Benchmark Colleges
• Methodological framework for mandatory benchmarks contributions

• EMMI Consultation Paper: Proposed Changes to Euribor Methodology (deadline: 11/12/2023)
• Public consultation on the euro forward-looking term rate EFTERM (deadline: 31/08/2022)
• Public consultation of the UK FCA on the publication of a synthetic LIBOR after GBP Libor and JPY Libor cease to be published. Deadline: 27/08/2021.
• Targeted consultation on the designation of a statutory replacement rate for CHF LIBOR (deadline: 18/05/2021)
• Consultations of the Working group on euro risk-free rates on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates (deadline: 15/01/2021)
  • Summary of responses to the public consultation by the working group on euro risk-free rates on €STR-based EURIBOR fallback rates
  • Summary of responses to the public consultation by the working group on euro risk-free rates on EURIBOR fallback trigger events
• Public consultation on the publication by the ECB of compounded term rates using the €STR (deadline: 11/09/2020)
• Consultation Paper Draft Regulatory Technical Standards under the Benchmarks Regulation (deadline: 08/06/2020)
• Draft Commission delegated regulation on the minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (deadline: 06/05/2020)
• Draft Commission delegated regulation on the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published (deadline: 06/05/2020)
• Draft Commission delegated regulation on the minimum content of the explanation on how environmental, social and governance factors are reflected in the benchmark methodology (deadline: 06/05/2020)
• Financial benchmarks review of EU rules. Inception impact assessment (deadline: 15/04/2020)
  • Feedback received
• Public consultation by the working group on euro risk-free rates on swaptions impacted by the CCP discounting transition from EONIA to the €STR (deadline: 03/04/2020)
• Public Consultation of the European Commission regarding the review of the EU Benchmark Regulation (deadline: 06/12/2019)
• Public consultation of the International Accounting Standards Board (IASB) with regard to proposed changes to the old and new financial instruments standards, IAS 39 and IFRS 9, in light of the reform of interest rate benchmarks (deadline: 17/06/2019)
  • Summary of responses (June 2019)
• Public consultation of the Working Group on euro risk-free rates on its draft recommendations to address the legal implications for new and legacy contracts as a result of the proposed transition from EONIA to €STR (deadline: 12/06/2019)
  • Summary of feedback received (June 2019)
• Public consultation by the working group on euro risk-free rates on the transition from EONIA to ESTER (deadline: 01/02/2019).
  • Summary of responses (February 2019)
• Second public consultation by the working group on euro risk-free rates on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts (deadline: 01/02/2019).
  • Summary of responses (February 2019)
• First public consultation by the working group on euro risk-free rates on the assessment of candidate euro risk-free rates (deadline: 13/07/2018)
  • Summary of responses (August 2018)
• Consultation by the European Commission on the amendment of the Benchmarks Regulation by introducing low carbon and positive carbon impact benchmarks (deadline: 15/08/2018)
• Second ECB public consultation on developing a euro unsecured overnight interest rate (20/04/2018)
  • Summary of responses (May 2018)
• First ECB public consultation on developing a euro unsecured overnight interest rate (28/11/2017)
  • Summary of responses (February 2018)
• Consultation Paper: Draft guidelines on non-significant benchmarks (29/09/2017)
  • Responses

• FCA announcement on cessation of synthetic Libor (29/02/2024)
• Working Group on Euro Risk-Free Rates: Final Statement (4/12/2023)
• Comparative Table of Available Term €STR Rates (26/09/2023)
• Final Reflections on the LIBOR Transition (28/07/2023)
• FSB Statement to encourage final preparations for the USD LIBOR transition (27/04/2023)
• Joint Statement by five US agencies on Completing the LIBOR Transition (26/04/2023)
• UK FCA publication: The USD LIBOR panel ceases at end-June 2023: Are you ready? (12/04/2023)
• UK FCA announces decision on synthetic US dollar LIBOR (03/04/2023)
• ESMA and the Austrian financial market authority welcome Euribor panel enlargement
• Recommendation from the Working Group on Euro Risk-Free Rates on the availability of derivative products referencing €STR (26/09/2022)
• Call for expressions of interest: administrators developing €STR-based forward-looking term structure as a fallback in EURIBOR-linked contracts STR  (deadline: 8/04/2022)
• Working Group on Euro Risk-Free Rates – Work Programme for 2022/23
• Statement from the EUR Risk Free Rates Working Group on Preparedness for the Cessation of EUR, GBP, CHF and JPY LIBORs and EONIA, and ceasing use of USD LIBOR in new contracts, at the end of 2021 (13/12/2021)
• Statement of the Euro Risk-Free Index Working Group recommending the adoption of SOFR and €STR (9/12/2021)
• FSB Statement to Support Preparations for LIBOR Cessation (23/11/2021)
• IOSCO Statement on Credit Sensitive Rates (08/09/2021)
• Recommendations from the Working Group on Euro Risk Free Rates on the switch to risk free rates in the interdealer market (26/07/2021)
• IOSCO statement on Benchmarks Transition (2/06/2021)
• Global Transition Roadmap for LIBOR (2/06/2021)
• FSB paper reviewing overnight risk-free rates and term rates (2/06/2021)
• FSB OSSG Supports Use of the ISDA Spread Adjustments in Cash Products (2/06/2021)
• The working group on euro risk-free rates issues recommendations on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates (11/05/2021)
• ECB starts publishing compounded euro short-term rate (€STR) average rates on 15 April 2021 (18/03/2021)
• Commission addresses risks of Libor cessation (24/07/2020)
• Report on preparations for benchmark rate reforms (July 2020)
• Report by the working group on euro risk-free rates On the transfer of EONIA’s cash and derivatives markets liquidity to the €STR (19/02/2020)
• Report by the working group on euro risk-free rates on €STR fallback arrangements (12/11/2019)
• EMMI granted authorisation by Belgian FSMA for provision and administration of EONIA under EU BMR (11/12/2019)
• EMMI, the administrator of Euribor, confirms the successful completion of the new methodology (28/11/2019)
• High level recommendations for fallback provisions in contracts for cash products and derivatives transactions referencing EURIBOR published by the working group on euro risk-free rates (6/11/2019)
• Report by the working group on euro risk-free rates on the financial accounting implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR (5/11/2019)
• Report by the working group on euro risk-free rates On the risk management implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR (17/10/2019)
• The working group on risk-free rates makes available communication material which interested parties can use in their own communication and education efforts:
  • Frequently asked questions (17/10/2019)
  • Standard set of slides (October 2019)
  • Checklist (October 2019)
• The ECB begins the publication of the new index €STR (2/10/2019)
• The working group on euro risk-free rates issues recommendations on the transition from EONIA to €STR for cash and derivatives products (19/08/2019)
• IOSCO publishes a statement on communication and outreach regarding benchmarks transition (31/07/2019)
• CNMV´s Information for the sector: Process of adaptation of interest rate benchmarks to the new European Regulation on Benchmarks (29/07/2019)
• Recommendations of the working group on euro risk-free rates on the EONIA to €STR legal action plan (16/07/2019)
• The FSMA authorises EMMI as administrator of the EURIBOR benchmark (05/07/2019)
• The ECB publishes a letter to CEOs on banks´ preparation with regard to interest rate benchmark reforms and the use of risk-free rates (04/07/2019)
• FSB publishes user guide for overnight risk-free rates (04/06/2019)
• ECB announces the spread to be used by EMMI in new EONIA methodology as well as the ISIN and FISIN codes for €STR (31/05/2019)
• EMMI, the administrator of Eonia, informs on the adoption of the new methodology of Eonia which will take effect on 2 October 2019 (31/03/2019)
• EMMI, the administrator of the critical benchmark Euribor, has applied for authorisation under Benchmark Regulation (06/05/2019)
• The administrator of Eonia, EMMI, consults on the on the recommendations for Eonia of the Working Group on euro risk-free rates (20/03/2019)
• The working group on euro risk-free rates recommends transition path from EONIA to €STR and €STR-based forward-looking term structure methodology (14/03/2019).
• ECB announces start date for €STR (14/03/2019)
• ECB replaces the acronym “ESTER” with “€STR” (12/03/2019)
• ESMA statement on impact of no deal Brexit to the application of some provisions of Benchmarks Regulation (07/03/2019)
• The administrator of Euribor, EMMI, has published the summary of stakeholder feedback to the second consultation on the new methodology and a blueprint of the methodology (12/02/2019)
• Guiding principles for fallback provisions in new contracts for euro-denominated cash products (06/02/2019)
• Guidelines issued by ESMA on non-significant benchmarks (06/02/2019)
• UK Government publication on EU Benchmarks Regulation in Brexit (23/11/2018).
• FSB publishes progress report on reforming major interest rate benchmarks (14/11/18)
• The Working group on euro risk-free rates has published a high-level implementation plan (01/10/18)
• The European Commission adopts 10 delegated acts on Benchmarks Regulation(13/07/18)
• The FSB issues a statement on reforms to interest rate benchmarks (12/07/2018)
• ESTER is recommended as euro risk-free rate (13/09/18)
• ECB announces methodology for calculating Euro Short-Term Rate (ESTER) (28/06/2018)
• CNMV Information for the sector: Application of the new Financial Benchmarks Regulation (20/03/18)
• IOSCO publishes a statement aimed at users of benchmark references (12/01/2018)
• Working Group on Euro Risk-Free Rates
• FSB: Reforming Major Interest Rate Benchmarks (22/07/14)
• IOSCO Principles for Financial Benchmarks (July 2013)

• ESMA Register of European Union / European Economic Area benchmark administrators
• ESMA Register of  third country benchmark administrators
• Third country benchmarks recognized and validated by the CNMV

• Informative session on USD Libor (05/04/2022)
• III CNMV Conference on the state of play of interest rate benchmarks reform (15/06/2021)
• ECB: Third roundtable on euro risk-free rates (14/09/2020)
• II CNMV Conference on the adaptation of interest rate benchmarks to the new European regulation on benchmarks (29/10/2019)
• ECB: Second roundtable on euro risk-free rates (25/09/2019)
• ECB: Roundtable on euro risk-free rates, hosted by the European Central Bank (09/11/2018)
• I CNMV Conference on the application of Benchmarks Regulation (22/06/2018)