European rulemakers should explore the middle ground when it comes to open access to benchmarks, says William Mitting.
The deletion of Article 30, which proposed
non-discriminatory access to benchmarks, from the
upcoming update to the European Regulation Mifid is a missed
opportunity by regulators despite the validity of arguments
against the open access to benchmarks,
Ever since the CME’s Leo Melamed struck a deal
with S&P in 1982 to licence the S&P 500 index to trade
futures, the dominant model in the industry has been exchange
ownership of benchmarks. According to legend, Melamed had to
persuade the S&P to charge for the licence - it was going
to give it away for free.
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