Regulated data benchmarks (ESMA70-145-114 Q&A_5.7)

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.