EU's foreign benchmark equivalence rules under fire

Critics fear repeat of CCP approvals saga

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Concerns that proposed regulation could block access to third-country indexes

Market participants fear Europe's proposed process for approving third-country indexes could be as drawn-out and politicised as its clearing house recognition framework, and could block EU entities from using common international benchmarks such as the S&P 500.

The forthcoming rules are Europe's bid to apply the broader International Organization of Securities Commissions' (Iosco) principles for financial benchmarks to a broad swath of indexes via blanket legislation. All indexes used as

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