17 February 2022
STIBORs transaction based methodology and a recommendation for a fall-back solution
Catharina Hillström, MD of Swedish Financial Benchmark Facility (SFBF), participated in a webinar for the members of the Swedish Bankers’ Association on February 17th, 2022. At the webinar Catharina presented the transaction based calculation methodology that STIBOR recently transitioned to.
Jonny Sylvén, Swedish Bankers’ Association (SBA), gave a presentation on the SBA’s recommendation for a fall-back solution for STIBOR.
These two issues relate to Stibor's adaptation to the EU Benchmark Regulation (BMR), which aims to ensure robust, transparent and reliable benchmarks.
The Swedish Bankers’ Association’s recommendation regarding a fall-back solution for Stibor: Recommendation regarding a fallback rate for Stibor | Swedishbankers
27 December 2021
STIBOR - application for authorisation
Swedish Financial Benchmark Facility (SFBF) has today submitted an application for authorisation as administrator of STIBOR to the Swedish financial supervisory authority, Finansinspektionen, according to the EU Benchmarks Regulation (BMR) requirements.
”It can be noted that SFBF:s application is based on a transaction based methodology for STIBOR. I look forward to SFBF being authorised as the administrator of Stibor by Finansinspektionen during 2022”, says Hans Lindberg, CEO of the Swedish Bankers´ Association.
21 December 2021
Stibor's administrator SFBF has published information about the upcoming application for authorization under BMR
8 October 2021
Information on the reference rates Stibor and Swestr
Swedish Bankers' Association would like to clarify some facts about, above all, Stibor.
28 July 2021
Financial Benchmarks Sweden (FBS) acquires full ownership of Swedish Financial Benchmark Facility (SFBF)
Financial Benchmarks Sweden (FBS) and Global Rate Set Systems (GRSS) and have reached an agreement for FBS to acquire all shares, and hold full ownership, of the Swedish Financial Benchmark Facility (SFBF) as of August 16, 2021.
The Swedish Financial Benchmark Facility is an independent benchmark administrator, specifically established to administer the Stockholm Interbank Offered Rate, known as Stibor.
The new ownership structure is made in the best interests of Stibor and its authorisation, where GRSS continues to operate as outsourced service provider to SFBF, under the stewardship of FBS. SFBF, along with Catharina Hillstrom as CEO and all current staff, will continue to manage the administration of Stibor and formally file an application for authorisation with the Swedish Regulator, Finansinspektionen, by the end of 2021 to be compliant with regulation EU 2016/1011 for financial benchmarks (EU BMR).
The transfer of ownership will have no effect on, or result in any changes to, the administration of Stibor and the publication of the Stibor rates.
Link to SFBF
1 March 2021
SFBF has launched a Public Consultation on the evolution of Stibor
In a Public Consultation Paper The Swedish Financial Benchmark Facility (SFBF) publishes the findings of a review of the definition of Stibor and the calculation methodology, together with proposed adjustments, in order to increase both the robustness and transparency of the benchmark.
The consultation period will run from 1 March to 31 March 2021.
SFBF will file an application for authorisation with the Swedish Regulator, Finansinspektionen, by the end of 2021 to be compliant with regulation EU 2016/1011 for financial benchmarks (EU BMR).
Find out more about SFBF and Stibor on the website
8 December 2020
SFBF is reviewing the STIBOR methodology
Swedish Financial Benchmark Facility (SFBF) is now finalizing a review of STIBOR methodology. A formal Public Consultation on the methodology will be launched early in 2021. Information will then also be published on the Bankers’ Association website.
A review of the methodology was launched in July, for the purpose of ensuring that STIBOR accurately reflects the current underlying economic reality and that it fully conforms to the European Benchmark Regulation. The work is carried out in close dialogue with Panel Banks, the Bankers’ Association and with Finansinspektionen.
Stibor is registred as a critical benchmark in Sweden. Thus Stibor is listed in the EU Commission's register of critical benchmarks. Administrators of critical benchmarks will need to apply for an authorisation during 2021. In a Q&A, published on 6 November 2020 ESMA also clarified that an application must be submitted before 31 December 2021.
SFBF intends to submit an application for authorization in accordance with the Benchmark Regulation to Finansinspektionen during 2021.
1 October 2020
Swedish Financial Benchmark Facility takes over the calculation and administration of Stibor
The Swedish Financial Benchmark Facility (SFBF) took over the calculation and administration of Stibor on April 20th. The agreement between SFBF and the Swedish Bankers’ Association's subsidiary Financial Benchmarks Sweden (FBS) was announced in a press release on October 24th, 2019.
The Swedish Financial Benchmark Facility's parent company GRSS (Global Rate Set Systems Ltd) has deep knowledge as well as experience with benchmarks and the Benchmark Regulation (BMR), which covers, among other things, reference rates. GRSS is the calculation agent for European Euribor and for Norwegian Nibor. They are, through national subsidiaries, authorized administrators according to BMR for Danish Cibor and for Czech Pribor.
The European Commission has decided that Stibor is a critical benchmark in Sweden. According to the transitional provisions of the Benchmark Regulation, critical benchmarks shall be adapted to the new legislation before the end of 2021.
SFBF is responsible for submitting an application for authorization under the Benchmark Regulation to the Swedish Financial Supervisory Authority. During a thorough tendering process, the GRSS group has shown that they are well qualified to guide Stibor through an authorization process. Should an authorization not be granted, the responsibility for Stibor returns to FBS.
With GRSS experience, the Bankers’ Association and FBS look forward with confidence to the continued safe and transparent administration of Stibor through GRSS's Swedish subsidiary SFBF.
As SFBF has taken over the calculation of Stibor, the distribution of Stibor fixing is handled by SFBF. For more information on how Stibor data can be obtained please refer to SFBF’s website.
26 June 2020
Swedish Financial Benchmark Facility AB (SFBF)has established an Oversight Committee for the Stibbor operations, in line with the requirements of the Benchmark Regulation.
26 June 2020
Swedish Financial Benchmark Facility AB (SFBF) has appointed Catharina Hillström as Managing Director. More information is available on SFBF's website
21 April 2020
Bloomberg's publication of Stibor
Financial Benchmarks Sweden has been informed of errors reported in Bloomberg’s representation of STIBOR data. Bloomberg advise those wishing to access STIBOR data, to refer to tickers beginning <STIB> or to refer to the menu page <SFBF>.
For more information we kindly refer to the Admininstrators, Swedish Financial Benchmark Facility, website: www.swfbf.se.
16 April 2020
The Swedish Financial Benchmark Facility takes over the calculation and administration of Stibor from 20 April
The Swedish Financial Benchmark Facility's (SFBF) parent company, Global Rate Set Systems Ltd (GRSS) has deep knowledge as well as experience with benchmarks and the new legislation the Benchmark Regulation (BMR), which includes, among other things, reference rates. GRSS is the calculation agent for European Euribor and for Norwegian Nibor. They are, through national subsidiaries, authorized administrators under the BMR for Danish Cibor and for Czech Pribor.
The European Commission has declared Stibor to be a critical benchmark in Sweden. Providers of critical benchmarks will need to demonstrate full compliance with the new Benchmark Regulation requirements, and be authorised to do so, by the end of 2021.
Before the end of 2020, SFBF will submit an application for authorization under BMR to the Swedish National Competant Authority, Finansinspektionen. During a thorough tendering process, the GRSS group has shown that they are well qualified to guide Stibor through an authorization process. Should an authorization not be granted, the responsibility for Stibor returns to FBS.
With GRSS experience, the Swedish Bankers’ Association and FBS look forward with confidence to the continued safe and transparent administration of Stibor through GRSS' Swedish subsidiary SFBF. As SFBF takes over the calculation of Stibor, the distribution of Stibor fixing will also be handled by SFBF.
For more information on access to and distribution of Stibor from April 20, please refer to SFBF’s website.
6 April 2020
Bloomberg has fixed the problems in its systems
In a message to FBS, Bloomberg confirms that previous problems with publishing values of 0.000 have been fixed.
Bloomberg writes: ”… at this time STIBOR fixings and their related submissions are shown correctly throughout the various elements of Bloomberg where they can be accessed by our customers.”
30 January 2020
Changes to the future distribution and access to STIBOR
In reference to the appointment of the Swedish Financial Benchmark Facility (SFBF) as Administrator for STIBOR, see our announcement on October 24th 2019, The Swedish Bankers’ Association and its subsidiary Financial Benchmarks Sweden today announce some changes to the distribution model for STIBOR.
Due to the increased costs of governance and oversight required to ensure that STIBOR is compliant with the new European Benchmark Regulation BMR, from 1st May 2020 a subscription fee will be applied for access to, and the distribution of, the data.
The SFBF provides details of access and distribution terms, and all enquiries should be directed to them in relation to these changes.
A website is provided detailing all the information required by organisations wishing to access the benchmark data after 1st May 2020 and from where they can subscribe to the service.
Link to SFBF: https://swfbf.se/how-to-subscribe/
The website allows potential subscribers three months to sign up to the appropriate license.
For further information: https://swfbf.se/
Or contact email@example.com for more details or any questions.
January 2, 2020
New administrator for Stibor
From April 20th, 2020 Swedish Financial Benchmark Facility (SFBF) will take over the calculation and administration of Stibor. During the first quarter of 2020, SFBF will publish information on the continued distribution of Stibor.
The European Commission has announced that Stibor is a critical benchmark under the Benchmarks Regulation (BMR). Stibor needs to be adapted to the new legislation by the end of 2021. In order to achieve this Financial Benchmarks Sweden and the Swedish Bankers’ Association have signed an agreement with SFBF, a subsidiary of GRSS (Global Rate Set Systems). GRSS has extensive knowledge of the administration and calculation of benchmarks under the BMR.
September 20, 2019
Bloomberg's publication of Stibor
Financial Benchmarks Sweden has been informed that there are still errors in Bloomberg's system. Bloomberg cannot publish a value of 0.000. In cases where the panel bank's Stibor contribution is 0.000 or if Stiborfixing is calculated to 0.000, Bloomberg's system incorrectly shows blank or a previously published value. Bloomberg investigates the error and has promised to take action as soon as possible.
September 13, 2019
Adaptation to the Benchmark Regulation
In the spring of 2019, the European Commission announces a political agreement, to grant providers of critical benchmarks two extra years until 31 December 2021 to comply with the new Benchmark Regulation requirements. Since Stibor is classified as a critical benchmark, an application for authorisation must be submitted to the Swedish Financial Supervisory Authority by 31 December 2021. FBS has decided to use some of the extra time that has now been granted for an adaptation to BMR, but also ensure that an application for authorization will be submitted in 2020.
August 29, 2019
Bloomberg's publication of Stibor
Financial Benchmarks Sweden has been informed of an error in Bloomberg's system. Bloomberg can not publish a value of 0.000. In cases where the panel bank's Stibor contribution is 0.000 or if Stiborfixing is calculated to 0.000, Bloomberg's system incorrectly shows a previously published value. Bloomberg investigates the error and has promised to take action as soon as possible.
March 12, 2019
Reference rates undergoing change
Extensive work is under way in Europe adapting today's interbank rates to the Benchmark Regulation, effective from January 2018. Financial Benchmarks Sweden AB, a wholly-owned subsidiary of the Swedish Bankers' Association, was formed as a result of this new regulation and has run Stibor operations since January 2019. The Swedish Bankers' Association is also working in parallel to develop alternative reference interest rates.
November 4, 2018
Working group for alternatives to Stibor
In Sweden, a working group is now formed with the purpose of investigating and developing alternatives and/or supplements to Stibor, an interbank rate used as a reference rate for financial contracts.
The Swedish working group consists of the panelbanks for Stibor and the Riksbank, the National Debt Office, the Financial Supervisory Authority and the Swedish Bankers’ Association as observers.
The work has been initiated by the Swedish Bankers’ Association, who also administers the working group.
The intention of the working group is to deliver a recommendation of an alternative and a supplement to Stibor during the latter part of 2019.
The working group will communicate with participants acting on the financial markets through round table discussions and open consultations.
Minutes from the working group will be published on the Swedish Bankers’ Associations website.
The work to establish alternatives or complementing interbank reference rates is an ongoing process internationally due to reduced numbers of interbank transactions. Larger currency areas such as GBP, USD and EUR, have for this reason initiated development of alternative reference rates.
October 26, 2018
Framework for Stibor – proposals for revision
As part of the adjustment to the Benchmark Regulation, the Swedish Bankers’ Association has formed a wholly-owned subsidiary, Financial Benchmarks Sweden AB, with the purpose of taking over the Stibor business of the association.
The adaptation to the regulation will take place during 2019. Financial Benchmarks Sweden AB intends to submit an application for authorization to Finansinspektionen during the latter part of 2019.
As a consequence, adjustments need to be made in Stibor's framework part 1, which includes that the Board of Financial Benchmarks takes over the responsibility which the board of the Swedish Bankers’ Association has today.
Comments on the amendments could be submitted no later than 27 December 27, 2018
October 18, 2018
The Swedish reference rate Stibor has been appointed as a critical benchmark
The EU Commission has decided to introduce the Swedish reference rate Stibor, Stockholm Interbank Offer Rate, in to the list of critical Benchmarks according to the EU benchmark Regulation (BMR).
The Swedish Bankers’ Association prepares for an application for authorization as an Administrator in accordance with the Benchmark regulation and its transitional provisions. Under the transitional rules of the Regulation, an administrator is given the opportunity to submit its application until January 1, 2020. We estimate to submit an application during the third quarter of 2019.
April 18, 2018
Technical problems at Nasdaq affects Stibor
Because of technical problems at Nasdaq Nordic has Stibor been delayed today (18 April). Nasdaq has at 11:46 published the Stibor fixings for all maturities in a Market Notice.
October 12, 2017
Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.
The aim of the Regulation is to ensure robust systems for providing financial benchmarks, such as interbank interest rates, to prevent conflicts of interest and to improve transparency in order to maintain a high level of trust and confidence in financial markets.
The Regulation will enter into force on January 1, 2018. Under the transitional provisions of the Regulation an index provider, providing a benchmark on June 30, 2016, shall apply for authorization or registration no later than January 1, 2020.
Since March 4th 2013 the Swedish Bankers' Association has the responsibility and is the principal for Stibor. The association has the ambition to apply for authorization as administrator for Stibor in good time before the end of 2019, according to the regulation.
Prior to this, ongoing analyzes are being carried out with the aim of identifying the need for complementary measures to fully comply with all the requirements of the Regulation, such as organization, governance, control and transparency.
May 13, 2015
The Stibor fixing T/N the 13th of May
The Stibor Committée has decided, in accordance with the Stibor framework, to correct the Stibor fixing T/N for Wednesday the 13th of May. The correct Stibor fixing T/N for that day is -0,288. Correction is beeing made due to an operational error where a minus sign has been omittted.
The Stibor Committée has also decided to investigate if additional measures can be implemented in order to minimize the risk of errors in the Stiborfixing process. Nasdaq will, in its capacity as calculation agent for Stibor, publish a market notice with information on the correct value.