PRIBOR Benchmark Data to Become Fee Liable
The Czech Financial Benchmark Facility (CFBF) announced today that it will introduce a tiered subscription service for organisations that require real time access to PRIBOR benchmark data. The new fees will be applicable from the 1 January 2018.
The new subscription model is designed to cater for all types of use, including information vendors, exchanges, clearing houses, banks and non-bank organisations.
“The new European regulations that have evolved after the scandals affecting a number of benchmarks has meant that Benchmark Administrators like the CFBF need to invest in greater governance and oversight of their processes to ensure that the benchmark continues to be fit for purpose and meets new regulatory standards” said Craig McIvor, Director of CFBF.
The CFBF has recently moved to a new Calculating Agent platform and has set up a new Oversight Committee made up of market representatives, academics, legal and governance professionals. This Oversight Committee will play an important role in ensuring that PRIBOR is set in accordance to regulatory requirements and evolves to continue to provide a reliable and trusted benchmark for the benefit of the Czech economy.
Mr McIvor said that the increased costs need to be met by all users of the benchmark in the future on a fair, reasonable and non-discriminatory basis.
A number of information vendors, including Thomson Reuters, Bloomberg and vwd Vereinigte Wirtschaftsdienste GmbH, have confirmed that they will be authorised distributors, either to supply live PRIBOR data to subscribers and/or to supply delayed PRIBOR data to their customers.
Any organisations that wish to learn more about the new subscriptions or wish to obtain a subscription to use the benchmark data can visit the CFBF website (www.cfbf.cz) for more information. Subscription forms are available to download and complete now prior to the 1 January deadline.
The PRIBOR benchmark will be made publicly available, on a 24 hour delayed basis, from the CFBF website (www.cfbf.cz) from the 1 January.
Czech Financial Benchmark Facility s.r.o. Prague, Czech Republic
About PRIBOR = PRIBOR (Prague Interbank Offered Rate) is the reference rate indicating the average rate at which a PRIBOR panel bank can obtain unsecured funding for Czech Krona in the interbank market.
About Czech Financial Benchmark Facility (CFBF) – the CFBF is a benchmark administration facility to provide world class governance to benchmarks and indexes in Europe including PRIBOR.
Media Enquiries: CFBF Data Management team +420 234 261 843