Dealers slam alternative for Tibor Tokyo swap rate
Refinitiv activates synthetic version, but TSR’s cessation is on hold pending further consultation
Swaps dealers have rejected proposals for a new version of the swap rate linked to the Tokyo interbank offered rate (Tibor), and are calling on the swap rate’s administrator, Refinitiv, to scrap the benchmark.
Refinitiv revealed last month that the Tibor Tokyo swap rate (TSR) would no longer be viable under its existing methodology from the end of January due to the departure of contributing panel banks. This forced the administrator to publish the swap rate under a synthetic fallback
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