The European Securities and Markets Authority (ESMA) has finalised its technical advice to the European Commission on important aspects of future rules for benchmarks.

In particular, ESMA provides advice on:

  • how benchmarks’ reference values can be calculated by using data reporting structures under existing EU rules such as MiFID II and EMIR;
  • some of the criteria for deciding when third country benchmarks can be endorsed for use in the European Union (EU); and
  • what constitutes making a benchmark figure available to the public.