The Swedish Financial Benchmark Facility takes over the calculation and administration of Stibor
On April 20, the Swedish Financial Benchmark Facility, SFBF took over the calculation and administration of Stibor. The agreement, which was announced in a press release on October 24th 2019, means that Financial Benchmarks Sweden, FBS, (subsidiary of the Swedish Bankers’ Association) will now pass on the responsibility for Stibor to SFBF. SFBF is a Swedish subsidiary of Global Rate Set Systems (GRSS) – an independent specialist and provider of financial benchmarks.
Stibor is registered as a critical benchmark in Sweden. Thus Stibor is listed in the EU Commission’s register of critical benchmarks. 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 Competent Authority, Finansinspektionen.
Governance overheads and maintenance costs for Stibor operations will significantly increase due to the Benchmark Regulation and the adjustments it requires. License fees will be introduced from 1st May 2020, for users requiring access to Stibor in real time. Stibor will continue to be available, free of charge, on a 24 hour delayed basis.
For more information on governance frameworks, access to and distribution of Stibor from April 20, please refer to SFBF’s website, www.swfbf.se
For more information about new administration of Stibor please refer to the Swedish Bankers’ Associations website, www.swedishbankers.se/en-us.
For more information:
Eva Kops, SFBF, firstname.lastname@example.org +46 8 437 379 60 ext: 4501
Lena Barkman, Swedish Bankers’ Association, email@example.com +46 70 258 22 10