Brexit shakes up benchmark market regulation, impacting global financial stability.
The article discusses how the LIBOR rate was manipulated, leading to the need for new regulations in the benchmark market. The Benchmark Market Regulation (BMR) was introduced to address these issues and set new standards for benchmark rates. Brexit has also impacted the transition from LIBOR to alternative reference rates like SONIA. The main goal was to improve the integrity and reliability of benchmark rates, with a focus on transparency and accountability.