Article 1
Vulnerability of the benchmark to manipulation
The further criteria to be considered by the competent authority under Article 25(3) of Regulation (EU) 2016/1011 in taking into account the vulnerability of the benchmark to manipulation shall include at least the following:
(a) |
whether the benchmark is based on transaction data; |
(b) |
whether the contributors are supervised entities; |
(c) |
whether measures apply that increase the robustness of the input data; |
(d) |
whether the administrator's organisational structure reduces incentives to manipulation; |
(e) |
whether the administrator has a financial interest in financial instruments, financial contracts or investment funds referencing the benchmark; |
(f) |
whether there are proven cases of manipulation of the same benchmark or a benchmark with a similar methodology provided by an administrator of similar size and organisational structure. |