This would enable prompt and coordinated resolution action to be taken, specifically where cross-border banks are concerned. Experience has repeatedly taught us that mere coordination between national authorities does not suffice in a cross-border bank resolution. Successful resolution needs prompt and decisive action.
Turning to the second key step to help ensure that BBSW remains a robust benchmark, the Australian Government has recently introduced a new regulatory framework for financial benchmarks.3 The legislation empowers ASIC to set the rules for and license administrators of significant benchmarks such as BBSW.