The EU Benchmarks Regulation provides that as 1st January 2020 no EU28 supervised entity may use any benchmark index (which includes being a party to a financial contract which references an index or a combination of indices) unless the index is approved and included in the ESMA register. Tuesday’s reports that the standard indices used in non-deliverable forward contracts for Korean won, Philippine peso and Taiwan dollar contracts will be non-compliant because they are not administered by the central bank (central bank rates are outside the scope of the Regulation).