After an intense period of development, the start date of the transition to the revised STIBOR methodology has been set for 15 November 2021. The Swedish Financial Benchmark Facility, SFBF, has considered the timing of the discontinuation of the publication of individual Panel Bank contributions to accommodate a smooth transition. The SFBF has determined the following dates for the implementation of those changes:
- 1 November 2021 – individual Panel Bank contributions cease to be published
- 15 November 2021 – start date of the transition to the revised STIBOR methodology
Individual Panel Bank contributions cease to be published, 1 November 2021 – Section 10 Benchmark Quarterly Reports, in the SFBF Consultation Paper, contained advance notice that the publication of individual Panel Bank contributions was to be phased out prior to the introduction of the revised STIBOR Calculation Methodology.
Transition Day, start date of the transition, 15 November 2021 – On transition day several new and updated governance documents will be published on the SFBF website. The SFBF is introducing a new SFBF STIBOR Governance Code of Conduct, describing the control framework for the provision of STIBOR, including reference to the updated STIBOR Panel Bank Code of Conduct, the STIBOR Code of Obligations Calculation Agent, and the STIBOR Calculation Methodology. In addition, an updated STIBOR Post Publication Redetermination Policy will be made available.
Test analysis TBA – To provide transparency on the testing of the revised STIBOR Calculation Methodology the SFBF will publish the results of pre-live testing applied to actual transactional data provided by Panel Banks on the SFBF website. The publication of the analysis will take place prior to the starting date of the transition.
The SFBF would like to acknowledge the efforts of STIBOR Panel Banks and the Calculation Agent who have jointly developed control and reporting systems to contribute transactional data to the SFBF and the new calculation agent system to capture transactional evidence, Panel Bank contributed cost of funds and bid to offer spread.
SFBF – Application for authorisation
The SFBF is finalising its preparations for the lodgement of an application for authorisation with Finansinspektionen in accordance with EU BMR Article 34, before the end of 2021.