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BBA LIBOR Panels

22 Nov 2009

At their recent meeting, the independent Foreign Exchange and Money Markets Committee that oversees BBA LIBOR undertook a full review of all the BBA LIBOR panels. 

This is a scheduled event that is undertaken twice annually. Prior to May 2009, reviews were annual, but in response to market consultation, the reviews were moved to a bi-annual basis earlier this year. The next scheduled review of all panels will take place in quarter two of 2010.

Contributor panel banks are selected by the Foreign Exchange and Money Markets committee on the basis of scale of activity in the London market and perceived expertise in the currency concerned, with due consideration given to credit standing. "London market" means any transaction carried out from London, or with a London counterparty, or via a London intermediary. Following the full review of all constituents, the Committee have announced that there will be no changes to panels at this time. Panel banks are:
         
Australian Dollar (AUD): 8 Banks
Barclays Bank plc
Commonwealth Bank of Australia
Deutsche Bank AG
JP Morgan
Lloyds Banking Group
National Australia Bank Ltd
The Royal Bank of Scotland Group
UBS AG

Canadian Dollar (CAD): 12 Banks
Bank of Nova Scotia
Bank of Montreal
Barclays Bank plc
Canadian Imperial Bank of Commerce
Deutsche Bank AG
HSBC
Lloyds Banking Group
National Bank of Canada
Rabobank
Royal Bank of Canada
The Royal Bank of Scotland Group
UBS AG

Swiss Franc (CHF): 12 Banks
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Bank plc
Citibank NA
Credit Suisse
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
Rabobank
Société Générale
The Royal Bank of Scotland Group
UBS AG

Danish Krone (DKK): 8 Banks
Barclays Bank plc
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
Rabobank
The Royal Bank of Scotland Group
UBS AG

EURO (EUR): 16 Banks
Bank of America
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Bank plc
Citibank NA
Credit Suisse
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
Mizuho
Rabobank
Royal Bank of Canada
Société Générale
The Royal Bank of Scotland Group
UBS AG
West LB AG

Sterling (GBP): 16 Banks
Abbey National plc
Bank of America
Bank of Tokyo-Mitsubishi UFJ Ltd
BNP Paribas
Barclays Bank plc
Citibank NA
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
Mizuho
Rabobank
Royal Bank of Canada
The Royal Bank of Scotland Group
UBS AG
West LB AG

Japanese Yen (JPY): 16 Banks
Bank of America
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Bank plc
Citibank NA
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
Mizuho Corporate Bank
Rabobank
Société Générale
Sumitomo Mitsui Banking Corporation Europe Ltd (SMBCE)
The Norinchukin Bank
The Royal Bank of Scotland Group
UBS AG
West LB AG

New Zealand Dollar (NZD): 8 Banks
Commonwealth Bank of Australia
Barclays Bank plc
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
National Australia Bank
The Royal Bank of Scotland Group

Swedish Krona (SEK): 8 Banks
Barclays Bank
Deutsche Bank
HSBC
JP Morgan Chase
Lloyds TSB Bank plc
Rabobank
The Royal Bank of Scotland Group
UBS

US Dollar (USD): 16 Banks
Bank of America
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Bank plc
Citibank NA
Credit Suisse
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds TSB Bank plc
Rabobank
Royal Bank of Canada
Société Générale
The Norinchukin Bank
The Royal Bank of Scotland Group
UBS AG
West LB AG

For further information, please contact:
Press Office (020 7216 8989 )
Out of hours contact (020 7216 8888 )

Notes to Editors:

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

Any bank may apply to join any LIBOR contributor panel.  Banks signal their willingness to join a panel by submitting data regarding their activity in the cash and swap markets to the BBA in confidence.  The LIBOR manager at the BBA compiles this data into a review which is presented to the committee at their meetings.  For more information on this, please contact libor@bba.org.uk.

The decisions represent the composite judgement of the independent Foreign Exchange and Money Markets Committee and the BBA is unable to comment on any individual Panel or bank.
The BBA is committed to reviewing the Panels at least twice annually.

 
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