Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 1 Vulnerability of the benchmark to manipulation

The further criteria to be considered by the FCA 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:

  1. (a)

    whether the benchmark is based on transaction data;

  2. (b)

    whether the contributors are supervised entities;

  3. (c)

    whether measures apply that increase the robustness of the input data;

  4. (d)

    whether the administrator's organisational structure reduces incentives to manipulation;

  5. (e)

    whether the administrator has a financial interest in financial instruments, financial contracts or investment funds referencing the benchmark;

  6. (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.