Statement regarding Calculation and Publication of Production Rates for Term Reference Rates (Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks)
April 26, 2021
Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
QUICK Benchmarks Inc. began publishing production rates for Term Reference Rates (the Tokyo Term Risk Free Rate [TORF]) today. The rates, which can be used in actual transactions, are available on QUICK information terminals from today and on the website of QUICK Corp. (link to an external website) from tomorrow, as well as on the Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR) page of the Bank of Japan's website.
QUICK Benchmarks Inc. was established by QUICK Corp. in January 2021 as a calculating and publishing entity of production rates for Term Reference Rates.
QUICK Corp. was determined suitable as a calculating and publishing entity of Term Reference Rates, which had received the most support as alternative rates for JPY LIBOR cash market products in the first public consultation, by the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks in February 2020.
Secretariat of the Committee (Market Infrastructure Division, Financial Markets Department, Bank of Japan)