ASIFMA, the Asia Securities Industry & Financial Markets Association, and Herbert Smith Freehills, have today released a report regarding preparedness in Asia for the European Union Benchmarks Regulation (BMR). The long and short of it – preparedness is low, due to concerns about the availability of the EU-based competence to assist Asian benchmark administrators, and the possible high cost of contracting with a suitable organisation.
Moorgate Benchmarks is working with a number of Asian and other non-EU benchmark administrators in this area, and will be announcing its first partners receiving recognition or endorsement services in the near future. So while we agree with ASIFMA and HSF that the process is complex and the difficulties significant, we encourage Asian administrators to see reaching EU authorised status as eminently achievable, given the right EU-based partner. 01 November 2018