It requires contributors to have in place effective systems and controls. Contributors are natural or legal persons who contribute data for determining benchmarks. In the European Union, the Euro Interbank Offered Rate (EURIBOR) is used as benchmark, for example.
Breaches of the Benchmarks Regulation can result in a fine which can reach up to ten percent of the total turnover.
Deutsche Bank has accepted the administrative penalty and had implemented measures to improve its controls, Reuters reported.
The bank also stated that it does not believe that the breaches have not led to incorrect rate submissions to the benchmark administrator.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.