GLOSSARY OF TERMS
Benchmark Regulation or BMR - (*) Regulation (EU) 2016/1011, of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014.
Input data - data concerning transactions, understood in accordance with BMR 3, 1.14), provided to the Administrator. This is the data containing information on Deposits accepted by a Panel Bank and used for the purpose of calculating WKF, understood in accordance with BMR 3, 1.15).
IOSCO Principles for Financial Benchmarks - general principles for financial benchmarks prepared by the International Organization of Securities Commissions (IOSCO); IOSCO, FR07/13, July 2013.
IRF Steering Committee - an oversight entity; a supervisory unit as defined in the IRF organizational regulations, performing the functions set out in Article 5 of the BMR regulation.
Key Elements of the WKF Methodology (KEM) - a selection of the most important elements of the WKF Methodology published on the Administrator's website.
Panel Bank - a supervised entity, understood in accordance with the definition set out in Article 3(1.10) of the BMR, meeting the criteria specified in the Code of Conduct of the Panel Bank and providing input data to WKF.
RTS - COMMISSION DELEGATED REGULATION (EU) 2018/1639 of 13 July 2018 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to regulatory technical standards specifying further the content of the statement on the benchmark published by the benchmark administrator and the cases in which an update of that statement is required.
Term deposit - a cash deposit placed on a term bank account.
WKF Methodology - a procedure adopted and applied by the Administrator, defining a set of rules for determining WKF on the basis of received input data.
WKF (Cost of Funds Benchmark) - an interest rate benchmark developed on the basis of the WKF Methodology and supporting documents such as the Code of Conduct of the Panel Bank; a benchmark that meets the requirements of the BMR regulation.
WKF system - computer programs used in the process of calculating WKF.