Accurate and sufficient data

For the purposes of points (a) and (c) of Article 11(1), in general the priority of use of input data shall be as follows: a contributor's transactions in the underlying market that a benchmark intends to measure or, if not sufficient, its transactions in related markets, such as: the unsecured inter-bank deposit market, other unsecured deposit markets, including certificates of deposit and commercial paper, and other markets such as overnight index swaps, repurchase agreements, foreign exchange forwards, interest rate futures and options, provided that those transactions comply with the input data requirements in the code of conduct; a contributor's observations of third party transactions in the markets described in point (a); committed quotes; indicative quotes or expert judgements. For the purposes of point (a) of Article 11(1) and Article 11(4), input data may be adjusted. In particular, input data may be adjusted by application of the following criteria: proximity of transactions to the time of provision of the input data and the impact of any market events between the time of the transactions and the time of provision of the input data; interpolation or extrapolation from transactions data; adjustments to reflect changes in the credit standing of the contributors and other market participants.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.