Refinitiv launches regulated Tokyo Swap Rate to facilitate industry transition from LIBOR
28 October 2021 Tokyo
Image: Costello77/stock.adobe.com
Refinitiv has announced the launch of a new version of Tokyo Swap Rate benchmark, for swaps referencing TONA.
The London Stock Exchange Group business introduces the new benchmark to support the market transition away from LIBOR and to adopt new market conventions.
The production benchmark is administered by Refinitiv Benchmark Services (UK) Limited (RBSL) in compliance with the UK Benchmark Regulation and is available in tenors from one to 40 years based upon dealer-to-client quotes in centrally cleared spot starting TONA OIS.
Refinitiv source the primary data from Tradeweb and the secondary data from TP ICAP. The data is collected during 20-minute windows shortly before publication at 10:30 (Tokyo time) and 15:30 (Tokyo time) daily.
Tokyo Swap Rate is accessible on Refinitiv products such as Workspace, Eikon, DataScope and Refinitiv Real-Time. Firms can immediately commence using the benchmark in financial contracts and production systems.
Jacob Rank-Broadley, head of LIBOR transition, benchmarks and indices at LSEG says: “As the global financial markets migrate away from LIBOR, the launch of our Tokyo Swap Rate serves as a critical step to facilitate this transition to the new market convention. Now, more than ever, the industry requires robust and transparent rates that are administered by an experienced provider and subject to the highest regulatory standards, so markets can continue to function and grow even during periods of great uncertainty and stress.”
The London Stock Exchange Group business introduces the new benchmark to support the market transition away from LIBOR and to adopt new market conventions.
The production benchmark is administered by Refinitiv Benchmark Services (UK) Limited (RBSL) in compliance with the UK Benchmark Regulation and is available in tenors from one to 40 years based upon dealer-to-client quotes in centrally cleared spot starting TONA OIS.
Refinitiv source the primary data from Tradeweb and the secondary data from TP ICAP. The data is collected during 20-minute windows shortly before publication at 10:30 (Tokyo time) and 15:30 (Tokyo time) daily.
Tokyo Swap Rate is accessible on Refinitiv products such as Workspace, Eikon, DataScope and Refinitiv Real-Time. Firms can immediately commence using the benchmark in financial contracts and production systems.
Jacob Rank-Broadley, head of LIBOR transition, benchmarks and indices at LSEG says: “As the global financial markets migrate away from LIBOR, the launch of our Tokyo Swap Rate serves as a critical step to facilitate this transition to the new market convention. Now, more than ever, the industry requires robust and transparent rates that are administered by an experienced provider and subject to the highest regulatory standards, so markets can continue to function and grow even during periods of great uncertainty and stress.”
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