FCA publishes report that examines the implications of the benchmark regime change in the interest rate swap market on underlying market conditions. CMCRC PhD Candidate Tom Steffen and Head of Market Quality Finance Dr Vito Mollica, along with co-authors Professor Ibikunle and FCA economist Dr Aquillina, find that the transition in March 2015 has a neutral to positive effect on the representativeness of the benchmark. Studying proprietary order book data of electronically-traded USD interest rate swaps, we also find that liquidity in the underlying market improves following the benchmark regime change.