No. According to Article 3(1)(7)(b) BMR “use of a benchmark” can be the determination of the amount payable under a financial instrument or a financial contract by referencing an index or a combination of indices. Counterparties often exchange collateral under a bilateral agreement for a variety of OTC derivatives (some of which may be “financial instruments” as specified by Article 3(1)(16) BMR). ESMA considers that the calculation of interest to be paid on these exchanged collateral is not equal to the determination of the amount payable under a financial instrument and therefore does not amount to “use of a benchmark”.