EU benchmark drama set for cliffhanger end

Access to key FX rates due to be decided six months before potential cut-off

European Parliament
European Parliament: set June 15, 2023 date to decide on exclusions for FX rates

A long-running drama about the oversight of financial benchmarks within the European Union looks set for a nailbiting finish, with a flurry of crucial decisions now scheduled for mid-2023 – just six months before EU firms may be cut off from some third-country benchmarks, including important currency hedging rates.

The cut-off was originally set for the end of next year and could – in 2023 – be pushed back a further two years. That gives the market extra breathing space, which some are

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