Benchmark means any index by reference to which the amount payable under a financial instrument or a financial contract, or the value of a financial instrument, is determined, or an index that is used to measure the performance of an investment fund with the purpose of tracking the return of such index or of defining the asset allocation of a portfolio or of computing the performance fees.
Benchmarks are calculated by a representative set of data or information for the purpose of the invoicing of the financial instruments and/or for capturing borrowing costs in markets.