Original question
Original language
Answer provided by the European Commission in accordance with article 16b(5) of the ESMA Regulation
Input data is defined in Article 3(1)(14) BMR as the data in respect of the value of one or more underlying assets, or prices, including estimated prices, quotes, committed quotes or other values, used by an administrator to determine a benchmark.
The concept of readily available data is not defined in the BMR. The BMR states only that the data is either contributed to the administrator for the purposes of determining a benchmark or it is readily available. Whether input data is contributed or is readily available has no bearing on the administrator’s responsibility as defined in Title II of the BMR. At the same time, the BMR accepts that it cannot impose rules (e.g., code of conduct by a benchmark administrator) on data sources that simply publish data which are later used to piece together a benchmark.
The summary table below sets out the consequences of this categorisation of input data.
Summary table
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Types of input data |
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Readily available data |
Contribution of input data |
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Regulated data |
Non regulated data |
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Not provided to an administrator for the purpose of determination of a benchmark |
Provided to an administrator for the purpose of determination of a benchmark
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Provided to an administrator for the purpose of determination of a benchmark |
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Contributed entirely and directly from the entities listed in Article 3(1)(24)
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Exemptions applicable to the benchmark |
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Readily available data |
Regulated data |
Non regulated data |
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Article 11(1)(d) and (e), (2) (a) and (b) and (3) - Input data
Article 15 – code of conduct for contributors
Article 16 – governance and control requirements for supervised contributors |
Article 8(1)(a) –record keeping of all input data
Article 11(1)(d) and (e), (2) (a) and (b) and (3) - Input data
Article 14(1) and (2) – integrity of input data, and detection and reporting of manipulation or attempted manipulation
Article 15 – code of conduct for contributors
Article 16 – governance and control requirements for supervised contributors |
None - other exemptions may apply depending on the type of the benchmark (interest rate, commodity, significant or non-significant) |
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Examples |
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Transaction data made publicly available (for example by a DRSP)
MMSR data provided to the ECB which is used to calculate €STR
Data collected and published by a central bank or other public authority as part of normal regulatory data-gathering
Transaction data sourced from a non-EU trading platform with no equivalence decision, not provided to an administrator for the purpose of determination of the benchmark |
Transaction data sourced directly from an EU trading platform or data service provider
Transaction data provided by a TV on a real time basis |
Input data contributed to commodity benchmark administrators or an administrator of an interest rate benchmark
Transaction data sourced from a non-EU trading platform with no equivalence decision, provided to an administrator for the purpose of determination of the benchmark |
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The answer clarifies provisions already contained in the applicable legislation. It does not extend in any way the rights and obligations deriving from such legislation nor does it introduce any additional requirements for the concerned operators and competent authorities. The answer is merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.