Response to ESMA on the Benchmarks Regulation Consultation Paper

FESE supports working with ESMA to construct a workable regime for benchmarks provided by trading venues. FESE’s response to the ESMA consultation on technical standards for the Benchmark Regulation focuses on the main following areas: the definition of regulated data, transitional provisions, third country provisions, exemptions to the benchmark methodology in case of sudden market events and the provisions for code of conducts and compliance statements.

FESE considers that the definition of regulated data and the provisions for the transitional regime need to be further clarified and that the specificities of regulated data and trading venues should be further recognised in other provisions, including those referring to the regime for third country regulated trading venues.