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The new compromise text (21 January 2015) from the EU Presidency on the draft Regulation on indices used as benchmarks makes for interesting reading on several counts. It outlines a comprehensive regime of controls and obligations for regulators, benchmark administrators, and for contributors.

Amongst other things it proposes mandatory surveillance and reporting of suspicious contributions by both contributors and administrators and additionally for contributors of the relationship between contributions and reversed trades for contributors. Another review of processes, controls and segregations to schedule and define scope vs your REMIT programme!

See the latest draft here.