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A guide to the FCA's new benchmark regulation powers

FN looks at why the UK watchdog is taking on oversight of more benchmarks and what it means for market participants

A guide to the FCA's new benchmark regulation powers

The UK's markets regulator on Wednesday assumes formal oversight of seven more benchmarks, adding to its existing supervision of the London Interbank Offered Rate.

The move means the UK will have gone further than any other country in the reform of benchmarks following investigations into the attempted rigging of Libor and currency fixes. It also comes ahead of benchmark legislation proposed by the European Commission in 2013, which is currently being thrashed out by member states and politicians.

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