James Langton
With the scandal-ridden LIBOR facing its imminent demise, Canadian securities regulators are introducing a regime to regulate financial benchmarks in Canada and proposing similar rules for commodity benchmarks.
The Canadian Securities Administrators (CSA) adopted rules today (April 29) that establish a regime for overseeing the creation, operation and use of financial benchmarks, effective July 13.
The move to regulate financial benchmarks in Canada and elsewhere comes in the wake of widespread market manipulation, largely centred on various LIBOR benchmarks. While efforts were made to rehabilitate LIBOR, it’s now in the process of being phased out.
Historically, benchmarks have not been formally regulated in Canada, but regulators were prompted to action by the LIBOR scandal which alerted them to the risk of manipulation and investor harm.
James Langton
With the scandal-ridden LIBOR facing its imminent demise, Canadian securities regulators are introducing a regime to regulate financial benchmarks in Canada and proposing similar rules for commodity benchmarks.
The Canadian Securities Administrators (CSA) adopted rules today (April 29) that establish a regime for overseeing the creation, operation and use of financial benchmarks, effective July 13.
The move to regulate financial benchmarks in Canada and elsewhere comes in the wake of widespread market manipulation, largely centred on various LIBOR benchmarks. While efforts were made to rehabilitate LIBOR, it’s now in the process of being phased out.
Historically, benchmarks have not been formally regulated in Canada, but regulators were prompted to action by the LIBOR scandal which alerted them to the risk of manipulation and investor harm.