Non-EU banks consider updating benchmark fallbacks

Move follows Iosco call for contingency planning that mimics new EU standards

Iosco is encouraging market participants around the world to adopt similar contingency plans to those in Europe

Some banks outside of the European Union are looking into updating their derivatives contracts to meet standards similar to those set out in the bloc’s new benchmark regime, after a prod from the International Organization of Securities Commissions (Iosco).

The EU’s Benchmarks Regulation (BMR), which has been in force since January 1, requires firms to have written plans outlining the actions they would take if one of the benchmarks they use ceases to exist, is materially changed, or is no long