摘要：Robust benchmarks are of fundamental importanceto financial markets, providing objective measuresof prevailing market prices on which standardizedcontracts can be based. They are especially importantto derivatives markets, since derivatives are anessential hedging tool for financial institutions andother market participants; the notional value of theseinstruments amounts to hundreds of trillions of dollarsworldwide, including over $10 trillion in Canada. Allegations of the manipulation of some global financialbenchmarks and, in some cases, admissions ofwrongdoing have captured the attention of the world’sfinancial press, clearly highlighting the need to addressthe incentive problems and weak governance affectingsome benchmarks. Central banks and other public authorities around theworld, including those in Canada, are working togetherto improve financial benchmarks by ensuring thatthey meet robust international standards. However,given the central role that these benchmarks play intoday’s financial system, any substantive changesto them need to be globally coordinated and theirbroader financial stability implications carefullyconsidered.
