Many financial participants have been so busy with MIFID II that they haven’t understood the impact of the EU Benchmark Regulation, or “EU BMR”, which came into effect on 1st January 2018, and will prohibit EU entities from using an unregulated benchmark in the EU from 1st January 2020.   Who does this impact? Unlike most recent regulations or principles around benchmarks, EU BMR also regulates contributors and users of benchmarks and indices in addition to Administrators such as Thomson Reuters. This means that a large number of market participants need to understand the level of exposure they have to this