http://www.legislation.gov.uk/eur/2016/1011/article/12Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)Regulation (EU) 2016/1011 of the European Parliament and of the CouncilRegulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R1011-20191210texttext/xmlen2026-01-29Expert Participation2026-01-19 TITLE II<Strong>BENCHMARK INTEGRITY AND RELIABILITY</Strong>CHAPTER 2<Strong><Emphasis>Input data, methodology and reporting of infringements</Emphasis></Strong>MethodologyArticle 121An administrator shall use a methodology for determining a benchmark that:ais robust and reliable;bhas clear rules identifying how and when discretion may be exercised in the determination of that benchmark;cis rigorous, continuous and capable of validation including, where appropriate, back-testing against available transaction data;dis resilient and ensures that the benchmark can be calculated in the widest set of possible circumstances, without compromising its integrity;eis traceable and verifiable.2When developing a benchmark methodology, a benchmark administrator shall:atake into account factors including the size and normal liquidity of the market, the transparency of trading and the positions of market participants, market concentration, market dynamics, and the adequacy of any sample to represent the market or economic reality that the benchmark is intended to measure;bdetermine what constitutes an active market for the purposes of that benchmark; andcestablish the priority given to different types of input data.3An administrator shall have in place clear published arrangements that identify the circumstances in which the quantity or quality of input data falls below the standards necessary for the methodology to determine the benchmark accurately and reliably, and that describe whether and how the benchmark is to be calculated in such circumstances.