Submission-based benchmark

A submission-based benchmark is calculated from figures that panel members report rather than from observed transactions. The design invites manipulation, which is why post-scandal reform has pushed benchmarks toward transaction data.

manipulation techniques · updated 2026-09-23

Where does submission-based benchmark come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Benchmark submission rigging — Benchmark submission rigging is skewing the figures a panel member reports into a reference rate calculation, so that the published benchmark moves in favour of positions that settle against it.

Enforcement actions involving these techniques

See also

• Benchmark — A benchmark is a published reference price or rate that contracts settle against. Because a benchmark converts one number into pay…
• LIBOR — LIBOR was a submission-based interbank interest rate benchmark, discontinued for most currencies and tenors by 2023 after widespre…

Terms that refer here

Benchmark · LIBOR

Back to the full glossary — 261 defined terms.