The European Commission has launched a consultation inviting stakeholders to comment on possible new rules for the production and use of indices serving as benchmarks in financial and other contracts. The objective is to ensure the integrity of benchmarks.

The consultation paper comprises 5 chapters covering: (i) the scope, process and nature of indices and benchmarks; (ii) governance and transparency in the use of actual transaction data; (iii) the purpose and use of benchmarks; (iv) the provision of benchmarks by private or public bodies, and (v) the impact of potential regulation, including transition, continuity and international uses issues.

The consultation will run until 15 November.