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ISEG  >  Matemática  >  ALBERTO LÓPEZ

Financial Benchmarks

    Financial benchmarks

    Interest reference rates, like EURIBOR, are used as benchmarks for a large volume and broad range of financial products and contracts.  They play a critical role in the functioning of the global financial system. The cases of attempted market manipulation during the 2007-08 crisis undermined confidence in the reliability and robustness of interbank benchmark interest rates as EURIBOR. Initiatives in a number of fora were established to analyze how the increasing loss of confidence in these rates could be improved, including the UK Treasury Wheatley Review of Libor (September 2012), the EBA/ESMA Principles for Benchmark-Setting Processes in the EU (January 2013), and the IOSCO Principles for Financial Benchmarks (January 2013). Finally, Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks, which entered into force on 30 June 2016 and fully into application in 2018, established a complete framework with the intention of endowing all benchmarks with a robust methodology; credible governance structures; an appropriate degree of formal oversight and regulation; and transparency and openness.


    From mid 2015 until mid 2020, I worked at the European Money Markets Institute (EMMI), where I led the EURIBOR reform efforts, which culminated with the successful implementation of a new calculation methodology for the rate, as well as EMMI's authorization as benchmarks administrator.


    [October 2020] If you want to learn more about the EURIBOR reform, do not miss this introductory webinar on the subject.


    You can watch two of my presentations on EURIBOR and EONIA at the First roundtable on euro risk-free rates organized by the European Central Bank in November 2018.


    If you want to know more about financial benchmarks and the European money markets, do not hesitate to drop me a line!