The SFBF announced today that it is finalizing a comprehensive review of STIBOR methodology and will shortly be consulting on proposed reforms to the benchmark.
SFBF took over responsibility for the administration of STIBOR from the Swedish Bankers Association in May of this year. Since May, the SFBF has introduced a revised Code of Conduct for panel bank contributors to the benchmark. A subsequent comprehensive review of the methodology was launched in July, with a view to ensuring that STIBOR accurately reflects the current underlying economic reality, meets best practice, and that it fully conforms to the European Benchmark Regulation.
Throughout the review SFBF has been in active and progressive dialogue with Panel Banks, the Bankers Association on behalf of its members, and with the Swedish Regulator, Finansinspektionen.
The review and analysis have shown a need for a reform to the methodology and potential clarification of the current definition of STIBOR. It is anticipated that these adjustments can be made to achieve a seamless transition without impact to either the value or the volatility of the Benchmark.
SFBF will launch a formal Public Consultation early in 2021. Catharina Hillstrom, CEO of SFBF says “We encourage all market participants, financial services regulators, benchmark users and other interested parties to participate in this consultation process once launched.”
If you have any questions, please contact;
Catharina Hillstrom, CEO of SFBF
+46 8-437 379 60, firstname.lastname@example.org