2013年-ECB欧洲央行_Eurosystems_response_to_IOSCOs_consultation_report_on_financial_benchmarks_4页_116kb

EUROSYSTEM'S RESPONSE TO IOSCO'S CONSULTATION REPORT ON FINANCIAL BENCHMARKS

I. Overall Stance

The Eurosystem supports IOSCO's initiative to reform financial benchmarks, particularly Libor, Euribor and Eonia, which are critical for monetary policy and financial stability. It has already provided its views on regulatory reform in response to the European Commission's public consultation in November 2012, emphasizing the need for substantial governance reforms and increased regulatory scrutiny.

The Eurosystem recommends that systemically important reference rates should be regulated, with a focus on enhancing governance and ensuring uniform application across jurisdictions. It also stresses the importance of balancing regulatory requirements with the cost-efficiency for data contributors and preserving incentives for market participation.

The Eurosystem advocates for a transition to more transaction-based, market-determined reference rates, provided that the process is orderly and viable. It supports the role of the private sector in defining and implementing such changes, while public authorities should provide a clear and adequate transition regime to address operational and legal risks.

II. Proposed Criteria for IOSCO's Principles and Implementation

1. Principles and Implementation Guidelines Commensurate with Identified Risks

• The Eurosystem believes that IOSCO's principles and guidelines should be proportionate to the identified risks.
• They should address risks without imposing unnecessary burdens on data contributors.
• A balance must be struck between sound governance and cost-efficiency.
• Different levels of oversight should be applied based on the degree of operational risk involved in the methodology.

2. Harmonised Regulation, Supervision and Enforcement

• Systemically important reference rates, such as Libor and Euribor, should be subject to harmonised regulation and supervision.
• Uniform rules across national jurisdictions are essential to avoid regulatory arbitrage and ensure a level playing field.
• The Eurosystem encourages IOSCO to promote international consistency in regulatory and supervisory standards for benchmark-setting.

3. Appropriate and Timely Methodological Changes

• The Eurosystem acknowledges the importance of data sufficiency in maintaining the credibility of reference rates.
• Methodological changes should be based on a suitability assessment, including cost-benefit analysis.
• Changes should be implemented in an orderly manner to prevent disruptions to financial stability.
• A unified framework for transaction data sufficiency should be established for key rates like Euribor and Libor.
• The framework should define roles for authorities and the private sector, set objective criteria for revisions, and include a realistic transition timeline.

4. Mitigation of Transitional Risks

• The Eurosystem supports the Consultation's focus on transitional risks associated with moving to alternative reference rates.
• It advocates for "living wills" to be developed by reference rate administrators, outlining default plans in case of unviability.
• These plans should be transparent and include a legal framework to ensure commitments are met.
• Authorities should support the private sector in identifying suitable reforms or alternatives rather than imposing specific solutions.
• National legislation may be necessary to ensure the continuity of contractual rights during transitions.

5. Robust Contingency Plans

• The Eurosystem agrees that contingency plans for data collection and use in market stress situations should be clearly defined.
• Both administrators and users need to have robust plans in case of non-availability of key reference rates.
• Contingency arrangements should include alternative methods for calculating rates, verified by supervisory authorities.
• Sponsors of standard market documentation should be involved to ensure the effectiveness of these plans.
• The process should be coordinated internationally to ensure equal treatment of all market participants.