Benchmarks influence many parts of everyday life. Have a mortgage? It is probably linked to the London Interbank Offered Rate. Ever changed currency for a foreign holiday? In all likelihood, you have, albeit indirectly, interacted with the 4pm London fix.

It is the same in trading. But on steroids. Benchmarks have an indelible influence on all sides, covering most areas from investment mandates for asset managers through to funds linked to collections of indices.