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2.

When developing a benchmark methodology, a benchmark administrator shall: take into account factors including the size and normal liquidity of the market, the transparency of trading and the positions of market participants, market concentration, market dynamics, and the adequacy of any sample to represent the market or economic reality that the benchmark is intended to measure; determine what constitutes an active market for the purposes of that benchmark; and establish the priority given to different types of input data.

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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.