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"Brussels proposes to avoid fraud in the future by regulating financial benchmarks," says Spanish daily El Periódico, following a European Commission proposal to enhance the credibility of benchmarking agencies presented by Internal Market Commissioner Michel Barnier.
The goal is to ensure that financial benchmarks such as Euribor, Libor, commodities indexes and housing loans "are based on real data and cannot be manipulated by financial institutions," the paper says. The proposed regulations seek to avoid manipulations such as those that emerged last summer "which revealed the seriousness of the problem and the absence of protection for citizens."
From now on, benchmark providers will be subject to a prior authorisation and to ongoing supervision by both national regulators and the European Securities and Markets Authority.
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