On 7 November 2018, the European Securities and Markets Authority (ESMA) published updated Q&As on the Benchmarks Regulation (BMR). The updated Q&As add one entry relating to the use of benchmarks in relation to bilateral agreement on exchanged collateral, asking if the reference to an index in a bilateral agreement on the interest to be paid on exchanged collateral under various OTC derivatives amount to “use of a benchmark”.

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