Michel Barnier, European internal markets commissioner, said the use of estimates in calculating benchmarks, such as the London Interbank Offered Rate, likely will continue as he prepares a reform proposal for the European Commission. "As concerns the representativeness of the underlying data, I'm of the opinion that to the greatest extent possible, we should rely on indices based on real transactions," Barnier said. "However we also need to be realistic and if there is no data because there are no transactions, we should allow the publication of indices based on estimates, as long as a clear methodology is used to do so."

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