The EURIBOR European Banking Federation (EURIBOR-EBF) manages short term interbank interest rate benchmarks within the EU. The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) released a report reviewing changes made by the EURIBOR-EBF, noting the progress made in "raising the transparency of the benchmark setting process, enhancing the governance and control mechanisms of the benchmark, thereby improving the quality and reliability of the resulting index".
Just as interest rate benchmark process changes have been and continue to be made, changes in FX benchmarks are on the way as well. We reported earlier this week that Singapore has stopped publishing FX benchmarks for certain SE Asian currencies used for non-deliverable forwards (Singapore Ends FX Benchmark for Indonesian Currency). It is unlikely that WM Reuters or other benchmark setters will wait for the results of investigations before changing their processes as press reports have raised market concerns which will need to be addressed as soon as practical.
EURIBOR-EBF
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