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A measure stated on a standardised basis, to enable comparison.

For example, an effective annual rate.


A quantified standard of performance set by the market (such as stock market index) or by an institutional investor (such as an internally developed benchmark) against which investment performance, or other performance, can be managed and tracked.


A standard of performance including less readily quantified measures, such as satisfaction.


An officially published rate of interest, from which a rate of interest payable or receivable is calculated.

Historically, for example, LIBOR.

A related rate of interest payable might be LIBOR + 1%.

The Financial Stability Board (FSB) recommended in 2014 that stakeholders should identify risk-free rates that might be used as alternatives to LIBOR.

See also

Other links

A World without Libor - FCA speech - July 2018

The future of LIBOR: what you need to know, ACT & LMA, March 2018

2021: A Benchmark Odyssey, Practical Guidance for Treasurers on interest rate benchmarks, Slaughter and May