EEX AG provides several benchmarks within the meaning of 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.
In accordance with Regulation (EU) 2016/1011, the following shall give an overview about the handling of benchmarks, potential conflicts of interest, the procedure for filing complaints and procedures governing the review, change or cessation of a benchmark. In addition, the Benchmark Statement under Article 27 of Regulation (EU) 2016/1011 is available for download.
Conflicts of Interest in the context of Benchmarks
EEX AG addresses conflicts of interests in accordance with a dedicated internal policy. This policy serves to identify and to prevent or manage potential or actual conflicts of interest. EEX AG hereby discloses the following circumstances that might be perceived as a potential conflict of interest:
EEX AG is the operating company of EEX (including EEX OTF), an exchange within the meaning of the German Exchange Act (BörsG) and regulated market (OTF respectively) within the meaning of MiFID II. EEX AG provides benchmarks which are needed by EEX for the purpose of listing derivatives. As a consequence, EEX AG plays a double role in that it is a benchmarks administrator and at the same time the operating company of a user of the benchmarks provided. In this context, employees of EEX AG naturally are in contact with participants who trade in the derivatives listed at EEX. This also concerns employees of the departments Agricultural Commodities and Market Operations involved in the calculation of the benchmarks. In particular, employees of the Agricultural Commodities Department are also active in the area of sales.
We note that EEX AG is obliged to treat all market participants in a non-discriminatory manner. EEX AG has no own interest in a certain development of the benchmark values. In particular, the fee structure of EEX is volume-based and not market price-based. Furthermore, a documented "four-eye principle" is ensured when calculating the benchmark values.
EEX AG has set up a special process for complaints in connection with the provision of benchmarks.
Complaints may be filed with EEX AG in relation to
- whether a specific benchmark determination is representative of market value,
- a proposed change to the benchmark determination process,
- an application of the methodology in relation to a specific benchmark determination, and
- other decisions in relation to the benchmark determination process.
A complaint may not be filed if the event giving rise to the complaint has already been addressed by a previous complaint. A complaint must be filed no later than three (3) months after the benchmark determination or decision complained of.
Any complaint shall be submitted in writing and addressed to the
The complainant shall provide contact details.
Change & Cessation Procedure
As to the procedures governing the review, change or cessation of a benchmark, in particular the procedures for public consultation on any material changes to the methodology, reference is made to the Benchmark Change and Cessation Procedure of EEX AG.
Please find here the respective link to the procedure.
The Benchmark Statement under Article 27 of Regulation (EU) 2016/1011 is available for download in German and English.
If you have any further questions, please don’t hesitate to contact your Key Account Manager.