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Czasopismo
2017 | nr 4 (69) | 109--130
Tytuł artykułu

A Vicious Circle of the Benchmark Reform

Autorzy
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The Benchmark Regulation (BMR) imposes the necessity of the conversion of the quote-based financial indices to the transactional-based ones. The reform is a challenge for administrators of indices that perform feasibility studies of the conversion process. The article analyses pros and cons of various methods of the index reform indicating the optimal path of such activity as far as money market is concerned. A choice for a "parallel listing" path seems to be the safest one if one takes into account the legal and economic risks embedded in various transition models. (original abstract)
Czasopismo
Rocznik
Numer
Strony
109--130
Opis fizyczny
Twórcy
autor
  • Warsaw School of Economics, Poland
Bibliografia
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  • ESMA-EBA Principles for Benchmark-Setting Processes in the EU, ESMA/2013/659, June 6, 2013.
  • Evolution of ICE LIBOR Feedback Statement, IBA, 1.05.2015.
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  • Position Paper Setting out the Legal Grounds for the Proposed Reforms to Euribor, European Money Markets Institute, 8.03.2017.
  • Principles for Financial Benchmarks Final Report, OICU-IOSCO, FR 07/13, July 2013.
  • Reforming Major Interest Rate Benchmarks, Financial Stability Board report, July 22, 2014.
  • Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts, Brussels, 8.06.2016.
  • Review of the Implementation of IOSCO's Principles for Financial Benchmarks, International Organization of Securities Commissions report, July 2014.
  • Rostagno M., Bindseil U., Kamps A., Lemke W., Sugo T., Vlassopoulos T., Breaking through the zero line: The ECB's Negative Interest Rate Policy, Brookings Institution, Washington DC, 6 June 2016.
  • Summary of ICE Libor Evolution, IBA, 24.01.2017.
  • The Wheatley Review of LIBOR: final report, HM Treasury, September 2012.
  • Towards Better Reference Rates Practices: A Central Bank Perspective, Bank of International Settlements, March 2013.
  • "The Volume of Open Positions Indexed to the WIBOR rate", Gdańsk Institute for Market Economics and Money market Institute, IBnGR 2015, www.smrp.pl [7.02.2016].
  • ---
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171503753

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