A critical benchmark is a benchmark other than a regulated-data benchmark (one whose inputs are trading data from venues and similar sources, or fund net asset values) that fulfills one of the conditions in Article 20(1) and is on the Commission's list1. The conditions are a total referencing value of at least EUR 500 billion, recognition as critical in one Member State, or a total value of at least EUR 400 billion together with a lack of substitutes and a significant impact2.

The European Securities and Markets Authority (ESMA) page says stricter rules apply to critical benchmarks. EURIBOR is the only benchmark that is critical across the EU, and ESMA has supervised it since January 1, 20223.

Notes

  1. Benchmarks Regulation, Article 3(1), points (24) (regulated-data benchmark) and (25) (critical benchmark). ESMA, Interactive Single Rulebook (retrieved on October 5, 2026). The details of the regulated-data benchmark definition are not covered in this entry. ↩

  2. Benchmarks Regulation, Article 20(1), points (a) to (c). ↩

  3. ESMA, "Benchmark Administrators" (retrieved on October 5, 2026), the section on EU critical benchmarks. ↩