commodity benchmark
as defined in Regulation (EU) 2016/1011 of the European Parliament and of the Council of…, Article 3(1), point (23) (Definitions)
a benchmark where the underlying asset for the purposes of point (1)(b)(ii) of this paragraph is a commodity within the meaning of point (1) of Article 2 of Commission Regulation (EC) No 1287/2006 (), excluding emission allowances as referred to in point (11) of Section C of Annex I to Directive 2014/65/EU;