The Swedish Bankers' Association assumes overall responsibility and is the principal for Stibor. The new framework is applicable since March 4th 2013.
The Swedish Bankers' Association and the banks that set Stibor have together developed a framework for Stibor. This framework establishes a clearer structure for governance and control as well as transparency regarding price-setting. It also contains rules for how Stibor banks shall be appointed. The Riksbank and Nasdaq-OMX have participated in the work as observers.
Some important features of the new framework are that:
- a Stibor Committee is established within the Swedish Bankers' Association, and this committee is responsible for the framework and monitors the application of the framework
- the process for setting Stibor is more transparent
- the conditions for new banks to join are clarified
- the number of maturities have decreased by two since Stibor is no longer set for 9 and 12 months. Stibor is now set for tomorrow next, 1 week and 1, 2, 3 and 6 months.
Stibor is set by Danske Bank, Handelsbanken, Länsförsäkringar Bank, Nordea, SEB and Swedbank.
For Stibor the convention Actual/360 is used. Actual is reflecting the actual number of days within the current maturity.
Updated on 1 September 2014
What is Stibor?
Stockholm Interbank Offered Rate is a reference rate that shows an average of the interest rates at which a number of banks active on the Swedish money market (“the Stibor banks”) are willing to lend to one another without collateral at different maturities.