UK Treasury Critical Benchmarks


On Oct. 22, UK Treasury issued the critical benchmarks regulations.


  • UK Treasury published the Critical benchmarks regulations 2024 (StIn 2024/1051).
  • Critical Benchmarks
  • This instrument specifies two benchmarks, WMR closing spot rates and ICE swap rate, as critical using powers under Reg 2016/1011, which forms part of assimilated law.
  • Administrators of benchmarks will become subject to more stringent regulatory requirements, reflecting importance of benchmarks to operation of financial markets.
  • UK FCA also have greater powers to intervene to address potential market disruption.
  • Effectiveness
  • The regulations come into force on Nov. 13, 2024.

Regulators UK Treasury
Entity Types B/D; Bank; Depo; Exch
Reference StIn 2024/1051, 10/22/2024; BMR Reg 2016/1011; Citation: StIn 2024/1051;
Functions Compliance; Environment; Financial; Legal; Reporting; Risk; Trade Reporting; Trading
Countries United Kingdom
Category
State
Products Banking; Commodities; Deposits; Derivatives; Fixed Income; Loan; Securities
Regions EMEA
Rule Type Final
Rule Date 10/22/2024
Effective Date 11/13/2024
Rule Id 230861
Linked to N/A
Reg. Last Update 10/22/2024
Report Section UK

Last substantive update on 10/25/2024