The development of the SWESTR rate by the Riksbank provides a required fallback to STIBOR and further may provide market participants and other users of STIBOR with an alternative short term reference rate that users may wish to transition towards. A transition away from Tom/Next STIBOR to the overnight SWESTR rate will be market-led, decided by market participants and users of STIBOR rather than it being a decision for the SFBF. Should such a transition occur there may develop the case where Tom/Next STIBOR is no longer broadly referenced. At such a time a planned cessation of Tom/Next STIBOR could be proposed by the SFBF in accordance with its policies aligned to the requirements of BMR. In the meantime, the SFBF recognises the importance of Tom/Next STIBOR in the settlement of local currency derivative products and the requirement therefore, for it to be maintained to avoid any unnecessary market uncertainty and disruption.
The STIBOR comprehensive review is underway and will continue up to authorisation. A public consultation, which presented an opportunity for members of the public to review the details of the proposed revision of the methodology was conducted in March 2021.
Following the withdrawal of the UK from the EU on 31 January 2020 and the end of the accompanying transitional period on 31 December 2020 the UK has enacted a Benchmark Regulation framework which will have an impact on the use of STIBOR by UK supervised users.
The UK has implemented further transitional arrangements such that UK supervised users can continue to use 3rd country benchmarks (such as STIBOR) until at least the end of 2022 without either the benchmark or its administrator being registered with the UK Financial Conduct Authority (FCA).
Once SFBF receives authorisation under the EU Benchmark Regulation as the administrator of STIBOR, it intends to apply to the UK FCA for the inclusion of the SFBF on the UK register of approved benchmark administrators to allow UK supervised users to continue to use STIBOR post the 2022 year end deadline.
In line with the sanctions officially adopted by the EU’s foreign ministers against Russian entities from February 2022, the Swedish Financial Benchmark Facility (SFBF) and its Calculation Agent have conducted a full review of all vendors, exchange and subscription relationships. SFBF has, as of today, no Russian exposure.
SFBF publishes both daily historical data from the time when it took over the calculation and administration of the STIBOR benchmarks as well as periodic averages data across various periods back to 2013. The data is freely available for non-commercial use and can be accessed via the newly launched SFBF data information portal (https://swfbf.se/sfbf-benchmarks/information-portal/) area on the SFBF web site. As part of this process users need to register their details on access and can then utilise the data in support of academic/research periods as they see fit.
In addition to and for the time before SFBF took over, daily historical data is published at (https://swfbf.se/sfbf-benchmarks/previous-data/)
The Swedish Financial Benchmark Facility lodged an application for becoming an authorised administrator in accordance with the (EU) Benchmark Regulation (BMR) with Finansinspektionen, the Swedish Financial Supervisory Authority on 27 December 2021. The application for authorisation is currently being processed by the Swedish Financial Supervisory Authority.
SFBF will remain available to, and in dialogue with, the Swedish Financial Supervisory Authority regarding the application and its content during the full process.
STIBOR remains eligible and can be used for existing and new financial contracts, financial instruments or for measuring investment funds, during the application process as per BMR article 51, unless or until the authorisation is refused.
We will be providing regular updates linked to the application for authorisation and other relevant information useful to interested stakeholders. At this point in time, we do not have any indications on when a decision will be made by the Swedish Financial Supervisory Authority on the application.
The SFBF is in the process for seeking authorisation from the Swedish FSA, Finansinspektionen. SFBF intends to submit a formal application for authorisation during 2021.
The subscription requirements can be found on our How to Subscribe page.
Fees are only applicable to subscribers if they wish to receive the live data (up to 24 hours delayed) from an authorised vendor.
The SFBF website will provide delayed data and this is for a users internal business use and not intended to be resold to third parties. Many vendors are providing the delayed data at no charge. There is no requirement to have any direct subscription agreement with SFBF to receive this data from your existing vendor.
Delayed data can be used according to the use conditions of your existing vendor.
In the case that you wish to distribute delayed data to third parties as a data service, you will need to enter into a distribution agreement with SFBF.
SFBF distributes data in three ways;
- It provides 24 hour delayed data on the SFBF website for non professional users. This is free of charge and for internal use only.
- Authorised Delayed Data vendors provide 24 hour delayed data to their clients at no charge (some vendors provide live and delayed options)
- Live data (up to 24 hour delayed) is distributed to subscribers who have signed a subscription agreement directly with SFBF (available from the SFBF website). The method of distribution is via an Authorised vendor who has a license to distribute live data. Once the subscriber has a subscription with SFBF, the SFBF advises the vendor to provide access in accordance with the type of subscription. This will allow access via vendor terminals, data feeds and other applications.
Please visit the How to Subscribe page to view the steps required to obtain a subscription agreement.
The fees for the subscription services are explained in full on the subscription charges page.
From the 20th April 2020 the Swedish Financial Benchmark Facility will collect submissions from a panel of Swedish banks, calculate the benchmarks according to the published methodology and then publish the rates to the financial markets.
On the 1st May STIBOR will become fee liable and only available to licensed subscribers. The data package includes all maturities for the STIBOR benchmark.
Please go to our How to Subscribe page.
A subscription can be obtained online from the SFBF website. Once you accept the terms and conditions you will be provided with a subscription from SFBF, this is a system generated file and is not countersigned. Should you require a coutersigned version please contact us and we will arrange for one to be created for you.
A subscription agreement allows use of the data for internal business purposes and to provide subsets of the benchmarks to clients for reporting purposes. The subscription agreement describes the use rights.
If however, you wish to distribute the benchmark data as a service i.e. redistribution, distribution of indexes and derived data to third parties etc you will need to contact SFBF to get a distribution licence agreement.
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