It also needs to be transparent and consistent with the principles for financial benchmarks set out by the International Organization of Securities Commissions (IOSCO). These principles cover governance, quality and accountability.
They stress that the data used to construct benchmarks “should be based on prices, rates, indices or values that have been formed by the competitive forces of supply and demand and be anchored by observable transactions.”  -3-  The major upgrades that have taken place since 2014 have been guided by the IOSCO principles as well as by improvements to LIBOR and other benchmarks recommended by the FSB.