Article 23 benchmark

Interest rates - benchmark rates - Benchmark Regulation (BMR) - Financial Conduct Authority (FCA).

Article 23 refers to Article 23 of the Benchmark Regulation (BMR).

The regulator has the power, under the BMR, to designate a benchmark rate as "unrepresentative".

Article 23 designation of a benchmark rate means that the regulator:

• Considers that the designated benchmark interest rate is no longer representative of the underlying market.
• Thereby becomes empowered to sustain calculation and publication of the benchmark on a synthetic basis, to secure the orderly wind down of the designated benchmark.

An Article 23 benchmark is one that has been so designated by the regulator.

See also

• Benchmark
• Benchmarks Regulation (BMR)
• Financial Conduct Authority (FCA)
• Interest rate
• JPY LIBOR
• LIBOR
• Setting
• Synthetic LIBOR

External link

• FCA designates sterling LIBOR and JPY LIBOR as unrepresentative with effect from 1 January 2022