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.