Euronext’s Position on Remaining Definitional Issues in BMR


BMR defines Regulated-Data Benchmarks as benchmarks based on input data which comes ‘entirely and directly’ from (amongst other sources) trading venues, as defined by MiFID.

Today, benchmark administrators often obtain data from trading venues via market data providers that provide the technical link between the venue and administrator without making any alterations to the unprocessed data. In our view, such practices should be deemed to fall within the scope of a Regulated-Data Benchmark, specifically meeting the requirement for the data to be taken ‘entirely and directly from the trading venue’ so long as the data is provided in a raw and unprocessed state.

The Euronext position paper provides more details on the issue as well as outlining proposals for clarification at Level 2.