European regulators upbeat on benchmark reform

PARIS/LONDON – The European Securities and Markets Authority (ESMA) and European Banking Authority (EBA) have published a joint review highlighting “significant progress” made by the industry to reform the European interest rate benchmark Euribor. ESMA and the EBA made recommendations in January 2013 for “addressing weaknesses and shortcomings in its governance and technical framework” following investigations into the rigging of interest rate indices.