Use of indices and benchmarks are often used to reference portfolio returns.

They are also useful for researching trends and correlations.

Market risk (2)
Are the fair value prices and other market data disclosed in detail?
2.86 If derivatives are using the index as a benchmark there is the risk of manipulation of the underlying fair values.
Governance risk (3)
Are the index rules comprehensive?
3.78 Index rules are like a prospectus and detail how the index is operated. Rules will consider the constituents; how the constituents are monitored and changed if required (e.g unrepresented digital asset) end of day time zone; what if no price is available?; how end of day fair value prices are calculated - weightings, averages, exchange ratings etc.
Index rules must disclose...
Is the index and provider ISAE 3000 compliant?
3.137 For the purposes of providing benchmarks, an independent auditor may report using ISAE 3000 a statement on the providers capabilities
Does the index / platform adhere to the ESMA Benchmark Regulations or if in the UK is an FCA regulated Benchmark Administrator?
3.138 The EU's ESMA regulates benchmarks and indices
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No financial advice

These global standards, best practice guidance and risk due diligence questions are an attempt to make DeFi a level playing field. They are not intended to provide any investment advice. Claims made in this website do not constitute investment advice and should not be taken as such. In the meantime, it would be very useful if the jurisdictional regulators would start working together and treating these new financial related projects as a different form of instrument. The Howey Test (1946) was designed in an era of deeds of title and paper bearer certificates. DeFi can be humanless and profit is not always the motive for using protocols. TradFi Derivatives for example are based on underlyings of real assets like the fair value of incorporated companies whose value is derived from fiat currencies which are themselves derivatives on an underlying like gold or a printing machine. Fiat is seen to be a real asset which it clearly is not. The new DeFi world matches actors with agendas. Most of the time the agenda is to do things better and faster. Defi enables everyone including the bankless and unserved members of the community to transact without having to understand how to use Excel or have an MBA from an elite university or be able to able to decipher the millions of pages of legal text opinions as to whether a bitcoin is a currency, a security, a commodity, a derivative, an underlying, a valueless number, type of gambling or something that will just go away. While we wait for a consensus by the old guard, the new guard will create their own computer based standards. Our aim is to turn these standards into bots or smart contracts that do all of this behind the scenes. Image a world where the community agree on how to transact and just do it without a parental overseer who is always a bit behind the curve...


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