Article 18

Accurate and sufficient data

1. For the purposes of points (a) and (c) of Article 11(1), in general the priority of use of input data shall be as follows:

(a) a contributor's transactions in the underlying market that a benchmark intends to measure or, if not sufficient, its transactions in related markets, such as:

- the unsecured inter-bank deposit market,

- other unsecured deposit markets, including certificates of deposit and commercial paper, and

- other markets such as overnight index swaps, repurchase agreements, foreign exchange forwards, interest rate futures and options, provided that those transactions comply with the input data requirements in the code of conduct;

(b) a contributor's observations of third party transactions in the markets described in point (a);

(c) committed quotes;

(d) indicative quotes or expert judgements.