On 11 March 2026, the LMA submitted a joint response (along with ISDA, GFXD, UK Finance) to HM Treasury’s consultation on the future UK benchmarks regime.

We broadly support the proposed Specified Authorised Benchmarks Regime (SABR), recognising its aim of creating a more proportionate, internationally competitive framework focused on benchmarks whose failure could pose systemic risk. Our response emphasises that while the move toward a narrower, effects‑based regime is positive, aspects of the proposals risk creating ambiguity and unintended cliff‑edge consequences. 

On 17 December 2025, HM Treasury published a new consultation paper proposing to repeal the UK BMR and replace it with the Specified Authorised Benchmarks Regime (SABR). Under SABR, only benchmarks or administrators designated by HMT, acting on FCA advice, would be regulated. This represents a major shift from the current regime, which regulates all benchmarks produced in the UK.

HM Treasury has invited feedback on the consultation paper by 11 March 2026.

Following the publication of the LMA Day One ZARONIA Agreement and the update of the South African Rate Switch Agreement to recommended form, the LMA has updated its existing South African Rate Switch Commentary to cover both the Day One ZARONIA Agreement and the unsecured and secured Rate Switch Agreements.  

The LMA welcomes market feedback on the Day One ZARONIA Agreement by 30 January 2026.  Stay tuned for an LMA webinar in January 2026 which covers the latest developments as well as the publication of the Day One ZARONIA Agreement.