Data & Credibility
Independent prices on a methodology that follows BMR standards
Every Vesper Price Index is calculated with input from verified market participants, under a methodology that follows the standards of the EU Benchmark Regulation.
EU BMR
European Benchmark Regulation
EU Butter · EU SMP
Administered by Compass FT, part of MSCI
All other VPI series
Administered by Vesper · Same methodology
Built on trust
What stands behind every Vesper price
Method, administrator, exchange. The chain of trust behind a price you can cite when finance asks where the number came from.
The Method
VPI Methodology
The Vesper Price Index is calculated with input from verified market participants: buyers, sellers, and traders who report their transaction prices. No single participant sees another's data. Inputs are validated, currencies standardized, and outliers excluded before a manipulation-resistant calculation produces a market-representative benchmark.
Read the full methodologyThe Administrator
Compass Financial Technologies
Compass Financial Technologies, part of MSCI, is the independent benchmark administrator for the financial-grade Vesper Price Index. Compass applied MSCI's standards for the audit. They receive inputs from Vesper and calculate the prices using a manipulation-resistant calculation method. The separation of input collection and calculation is a core part of the methodology's integrity design.
Learn about Compass FTThe Proof
Euronext Futures
Euronext chose the Vesper Price Index as the settlement reference for its EU Butter and Skimmed Milk Powder futures contracts. A regulated exchange building financial products on top of our benchmark is the clearest external validation of the methodology. This is the first time regulated European dairy futures will use independent price benchmarks.
See the Euronext partnershipFAQ
Frequently Asked Questions
What is EU Benchmark Regulation (BMR)?
EU Benchmark Regulation is the European regulatory framework governing benchmarks used in financial instruments and contracts. It sets standards for how benchmarks are collected, calculated, and administered.
How does the VPI relate to BMR?
The VPI follows the standards of the EU Benchmark Regulation. EU Butter and EU Skimmed Milk Powder (SMP) are the financial-grade VPI benchmarks. They are administered by Compass Financial Technologies, which is part of MSCI, and Compass applied MSCI's standards for the audit. All other VPI series use the same methodology at commercial grade, administered by Vesper.
Who is Compass Financial Technologies?
Compass Financial Technologies is an independent benchmark administrator and part of MSCI. For the Vesper Price Index, Compass FT receives participant inputs from Vesper and performs the manipulation-resistant calculation. This separation of input collection and calculation is a key part of the methodology's integrity design.
Why did Euronext choose the VPI for their futures contracts?
Euronext selected the VPI as the settlement reference for their EU Butter and SMP futures because it is independently administered, follows BMR standards, and reflects actual transaction prices from across the market. A regulated exchange building financial products on a benchmark is the clearest external validation of the methodology's credibility.
Can I use VPI benchmarks in my contracts?
Yes. Commercial-grade VPI benchmarks are used widely in procurement contracts as independent reference prices. Financial-grade benchmarks (EU Butter, EU SMP) additionally settle the Euronext EU dairy futures. Both grades reflect the same underlying methodology and data collection standards.
What is the difference between financial-grade and commercial-grade?
Both grades use the same VPI methodology and data collection standards. Financial-grade benchmarks are administered by Compass Financial Technologies, part of MSCI, and settle the Euronext EU dairy futures. Commercial-grade benchmarks are administered internally by Vesper using the same process.