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BBA LIBOR to include fixings in Swedish Krona

20 Jan 2006

The British Bankers' Association (BBA) today announced the establishment of a new BBA LIBOR currency calculation

With effect from Monday (January 23, 2006) the BBA, in conjunction with Reuters, will provide fixings in Swedish Krona (SEK) in 15 maturities every London business day.

The new fixing has been introduced in response to demand from BBA members and market practitioners and will bring the total number of currencies for which BBA LIBOR is quoted to ten.

The BBA has over 20 years experience in setting global benchmarks and BBA LIBOR is the most widely–used current benchmark for the world’s capital and derivatives markets.

The new contributor panel will consist of the following eight banks: Barclays Bank; Deutsche Bank; HSBC; JP Morgan Chase; Lloyds TSB; Rabobank; The Royal Bank of Scotland Group and UBS.

Individual Contributor Panel banks have been selected by the BBA’s FX and Money Markets Advisory Panel after private nomination and discussions with the LIBOR Steering Group, on the basis of reputation, scale of activity in the London market and perceived expertise in the currency concerned, and giving due consideration to credit standing. In common with all BBA LIBOR Contributor Panels, the composition of the SEK panel will be subject to periodic review.

BBA chief executive Ian Mullen said: "The BBA is committed to enhancing the BBA LIBOR benchmark to provide transparency, reliability and consistency to the London cash markets. There was a clear demand for fixings in Swedish Krona and the high quality of the contributor banks will ensure that they are widely used."

"Calculating fixings such as the BBA LIBOR is a long–time strength of Reuters and the launch of the new SEK LIBOR further enhances our position as an established global distribution platform for benchmark data" said Louise Lomax, Regional Head of 3rd Party Content. "We are honoured to be selected by the BBA as the designated fixing agent for this important new settlement rate and look forward to providing the financial community with a superior quality benchmark fixing, delivered with the highest degree of accuracy and speed."

For further information, please contact:
BBA press office (020 7216 8810 )

Notes to Editors

The BBA’s FX and Money Markets Advisory Panel made the selections after private nomination and discussions with the BBA LIBOR Steering Group. The aim of the Advisory Panel was to ensure that the Contributor Panels broadly reflect the balance of activity in the inter-bank deposit market.

Decisions on individual banks were taken on the basis of reputation, scale of activity in the London market and perceived expertise in the currency concerned, and giving due consideration to credit standing. Current and potential panel members were asked to provide data confidentially to the BBA about their cash and short-term swap business in each currency in order to measure their scale of activity.

The decisions represent the composite judgement of the Advisory Panel and the BBA is unable to comment on any individual Panel or bank.

In addition to Swedish Krona, the BBA also provides BBA LIBOR fixings for US Dollar, British Pound, EURO, Japanese Yen, Australian Dollar, Canadian Dollar, Swiss Franc, Danish Krone and New Zealand Dollar The BBA is committed to reviewing the Panels at least annually.

The British Bankers' Association (BBA) is the leading trade association in the banking and financial services industry, representing banks and other financial services firms operating in the UK. It has 250 members, three quarters of whom are of non–UK origin, representing 60 different countries. BBA members hold 90% of the UK banking sector’s assets and represent 95% of all banking employment in the UK. Given its international membership and location in the world’s leading financial centre, the BBA covers a wide variety of UK, European and international issues.

Reuters, the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Its trusted information drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 15,300 staff in 91 countries, including staff from the acquisition of Moneyline Telerate (MLT) in June 2005. It also includes 2,300 editorial staff in 196 bureaux serving 129 countries, making Reuters the worlds largest international multimedia news agency. In the 2004 Reuters Group revenues, including those of Instinet Group, were £2.9 billion. From July 2005, Instinet Group is being treated as a discontinued operation in the profit and loss account.

Reuters and the sphere logo are the trade–marks of the Reuters group of companies.

 
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