The most common and most likely answer to this crossword clue is the 9 letter word BENCHMARK
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Buddy explains!
The straight part
We know that "point of reference" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case point of reference = benchmark.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does BENCHMARK mean?
BENCHMARK noun- A standard by which something is evaluated or measured.
- A surveyor's mark made on some stationary object and shown on a map; used as a reference point.
- A computer program that is executed to assess the performance of the runtime environment.
- To measure the performance or quality of (an item) relative to another similar item in an impartial scientific manner.