Swedish Bankers’ Association transfers STIBOR administration to Swedish Financial Benchmark Facility

Maria Nikolova

SFBF will bee responsible for adapting STIBOR to the requirements set out in the EU Benchmarks Regulation.

The Swedish Bankers’ Association has announced the transfer of the administration of the Swedish benchmark STIBOR to the Swedish Financial Benchmark Facility (SFBF). The Facility will be responsible for adapting STIBOR to the requirements set out in the EU Benchmarks Regulation.

Finansinspektionen will assess the application for authorisation of SFBF as administrator of STIBOR when it is submitted.

The Benchmarks Regulation (BMR), which came into effect on 1 January 2018, introduces new rules in the EU that include requirements concerning the governance and control of the processes for critical benchmarks. The European Commission decided in October 2018 to list STIBOR (Stockholm Interbank Offered Rate) in the register of critical benchmarks in accordance with the BMR. An application for authorisation as administrator for STIBOR must be submitted by the end of 2021.

Since 2013, the Swedish Bankers’ Association has had the overall responsibility for STIBOR. The Association’s STIBOR operations are currently conducted via a wholly-owned subsidiary, Financial Benchmarks Sweden. The Swedish Bankers’ Association has decided to transfer the administration of STIBOR to Swedish Financial Benchmark Facility (SFBF). SFBF is a newly formed, wholly-owned Swedish subsidiary of Global Rate Set Systems (GRSS), which is active in the administration and calculation of benchmarks in accordance with the BMR. SFBF will also receive the task to adapt STIBOR to the BMR.

Benchmark reforms have been ongoing for several years in a number of countries as part of international reform efforts. These efforts relate primarily to the transition to alternative risk-free reference rates but also include the adaptation of existing benchmarks to ensure that they provide a fair reflection and cannot be unduly influenced.

According to the transitional provisions in the BMR, an administrator may continue to provide an existing critical benchmark that, already before the application for authorisation has been decided, may be used by firms and organisations under FI’s supervision until the end of 2021.

The Swedish Bankers’ Association and Financial Benchmarks Sweden have agreed with SFBF that SFBF will take over the responsibility for the provision of STIBOR as of April 20, 2020, which is before SFBF plans to apply for authorisation as administrator of an adapted STIBOR. SFBF will thus become responsible for providing current STIBOR under the BMR’s transitional provisions already as of April 20, 2020, and up until FI has assessed SFBF’s application for authorisation to be an administrator of an adapted STIBOR.

If the application is approved, FI will conduct ongoing supervision of SFBF as an administrator of the adapted STIBOR in accordance with the requirements set out in the BMR.

Read this next

Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.


SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products. 

Industry News

Interactive Brokers pays unmatched interest up to USD 4.33% on cash balances over $10,000

For clients of Interactive Brokers, interest accrues daily, and payments are posted on a monthly basis. Interactive Brokers’ cash management is integrated into client broker accounts, making it simple to earn interest and borrow at the lowest rates without transferring cash.

Retail FX

FP Markets adds cTrader to roster of trading platforms that include MT4, MT5, Iress

“Our market share swings towards the more sophisticated segment of traders and we have been inundated with requests for an additional platform with more institutional-style characteristics. The addition of the cTrader trading platform offering allows our clients the choice to further shape their trading experience with us.”

Digital Assets

SEC mulls lawsuit against Coinbase’s staking and spot trading

Shares in Coinbase fell 15 percent after the US Securities and Exchange Commission threatened a potential enforcement action against the crypto exchange over certain products.

Digital Assets

Kraken halts ACH transactions amid banking crisis

San Francisco-based cryptocurrency exchange Kraken says it will no longer process Automated Clearing House (ACH) following the failure of its payments partner, Silvergate Bank.