The UK FCA's impact assessment of regulating benchmarks
In the paper below, a group of academics including the UK FCA examine the design and eﬀectiveness of the 4pm Fix, the most important benchmark in FX markets, using a unique dataset of trader identiﬁed orderbook data from an inter- dealer venue. They propose and examine new measures of benchmark quality and examine changes to market liquidity and trader behaviour.
Fixing the Fix? Assessing the Eﬀectiveness of the 4pm Fix Benchmark https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3270844
In the paper below, the UK FCA evaluates the Benchmarks (Amendment) Instrument 2015, which brought seven benchmarks into their regulatory and supervisory regime.
An evaluation of bringing additional benchmarks into the regulatory and supervisory regime https://www.fca.org.uk/publications/corporate-documents/evaluation-bringing-additional-benchmarks-regulatory-and-supervisory-regime