The BMR subjects the provision of regulated-data benchmarks to fewer requirements, given that the input data stems entirely from sources which are themselves subject to regulation. The notion of “entirely and directly” in Article 3(1)(24)(a) precludes, in principle, the involvement of any third party in the data collection process. The data should be sourced entirely and directly from a trading venue without the involvement of third parties, even if these third parties function as a pass-through and do not modify the raw data. However, pursuant to Article 3(1)(24)(a)(vii), if an administrator obtains regulated data through a third party service provider (such as a data vendor) and has in place arrangements with such service provider that meet the outsourcing requirements in Article 10 of the BMR, the benchmark still qualifies as regulated-data benchmark.