Treasury consults on more benchmarks for regulation: Treasury and the Bank of England are consulting, as part of the Fair and Effective Markets Review, on a proposal to bring further benchmarks within the scope of UK regulation. The review can cover only benchmarks where the administration activities are located in the UK, and has identified, as well as the only currently designated benchmark of LIBOR, seven additional major benchmarks that it thinks should fall within the scope of regulation:

  • Sterling Overnight Index Average;
  • Repurchase Overnight Index Average;
  • WM/Reuters' FX benchmark rates;
  • ISDAFix;
  • ICE Brent Futures;
  • LBMA Silver Price; and
  • London Gold Fix.

Treasury seeks views on whether these benchmarks meet the criteria for inclusion, and on whether any other benchmarks should be added to the list. It has also published an amendment to the Regulated Activities Order that will require the administrators of these benchmarks to be authorised and setting out an interim permission regime. It asks for comments by 23 October. (Source: Treasury Consults on More Benchmarks for Regulation)

Treasury updates sanctions: Treasury has updated the sanctions lists in respect of Syria and Al-Qaida. (Source: Treasury Updates Sanctions)