Position Papers

With our position papers we engage in political debates and expert discussions regarding capital market issues - representing the interests of our members. Each year, numerous and detailed positions cover the various areas of our work: the primary market, the secondary market, the governance of listed companies and the economic education.

Below you will find our position papers which focus on European legislation - mostly in English and partially in German language. All our positions including papers with focus on national topics you will find on our German website.

Financial benchmarks play a key role in global financial markets and day-to-day activities of treasury departments of non-financial companies (NFC). They are an important part of the risk management strategies, for example to protect NFCs from exchange rate risks, commodity price risks or interest rates fluctuations.

Deutsches Aktieninstitut1 therefore welcomes the initiative of the EU Commission to improve the Benchmark Regulation (BMR), on two key points: (1) the exemption of specific foreign exchange benchmarks and (2) the introduction of statutory replacements for discontinued or unrepresentative financial benchmarks. The proposed amendments are both a step in the right direction, although from the perspective of NFCs they both require further refinement and extension. In particular, the proposal to exempt certain Non-EU-benchmarks should be extended to other classes of benchmarks (most notably interest rate benchmarks).