Article 37 › 2

Where a new benchmark is developed after 3 January 2017 the obligation to licence starts no later than 30 months after a financial instrument referencing that benchmark commenced trading or was admitted to trading. Where a person with proprietary rights to a new benchmark owns an existing benchmark, that person shall establish that compared to any such existing benchmark the new benchmark meets the following cumulative criteria: (a) the new benchmark is not a mere copy or adaptation of any such existing benchmark and the methodology, including the underlying data, of the new benchmark is meaningfully different from any such existing benchmark; and (b) the new benchmark is not a substitute for any such existing benchmark. This paragraph shall be without prejudice to the application of competition rules and, in particular, Article 101 and 102 TFEU.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04