Implementing Regulation under EU BMR exempting certain spot FX benchmarks published in OJ

The Commission Implementing Regulation (EU) 2026/905 supplementing the EU Benchmark Regulation (EU) 2016/1011 (BMR) was published in the Official Journal of the European Union (OJ). The Implementing Regulation designates a list of spot foreign exchange (FX) benchmarks that meet the criteria in Article 18a of the BMR, with the effect that those benchmarks are excluded from the scope of the BMR. The designated benchmarks are:

• USD/INR (U.S. dollar/–Indian rupee).
• USD/KRW (U.S. dollar/–Korean won).
• USD/TWD (U.S. dollar/–Taiwan dollar).
• USD/PHP (U.S. dollar/–Philippine peso).

A draft version of the Regulation was published in January for consultation following feedback from a May 2025 consultation assessing whether the benchmarks satisfy the Article 18a conditions, including their widespread use for hedging purposes and the absence of equivalent EU‑administered benchmarks. The Regulation enters into force on 17 May, being the 20th day following its publication in the OJ.

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