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How to Build a Banking Benchmark That’s Not Rigged

Does this business model sound familiar? An intermediary collects market assessments from banks, scrubs them of identifying information, and publishes an average. That average then serves as a benchmark for financial transactions worth millions, if not billions, of dollars.

With minor variations, that is how Libor, gold, foreign exchange, oil, and other key financial-market benchmarks work. And with depressing regularity, all of them have been—or are suspected to have been—manipulated in some way. Why, then, is Elly Hardwick so excited about the start-up she runs, based on a similar business model? And why did the venture capitalists at Index Ventures just sink $7 million into the company?

via How to build a banking benchmark that’s not rigged – Quartz.

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