LIBOR BBA website
banner

BBA Libor panels

8 Dec 2010

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

This is a scheduled event that currently takes place twice annually. Prior to May 2009, reviews were annual, but in response to market consultation the reviews were moved to a bi-annual basis. The next scheduled review of all panels will take place in early Summer of 2011.

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.

Any bank may apply to join any LIBOR contributor panel and the committee invite applications from all banks.  Banks signal their willingness to join a panel by submitting data regarding their activity in the cash and FX swap markets in confidence to the BBA.  The LIBOR Director 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

Following the full review of all constituents, the Committee announce that with effect from 13 December 2010 the panels will be constituted as described below.

In addition, from the 1st February 2011 the US Dollar LIBOR panel will move from 16 constituents to 20 constituents.  This is in line with the views from the market that were received in extensive consultation, including the consultation carried out in summer 2008.  On 1st February the following banks will be added to the dollar panel: 

Bank of Nova Scotia  

BNP Paribas 

Credit Agricole Corporate Investment Bank

Mizuho Bank  

These banks have been added in accordance with the published methodology for selecting BBA LIBOR contributing banks (see notes, below).  The methodology for calculating the rates based on a panel of 20 banks will be unchanged:  each day all contributions will be ranked, the top and bottom quartiles will be discarded and the middle two quartiles will be averaged.

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
There has been no change to this panel.

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
There has been no change to this panel.

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
There has been no change to this panel.

Euro (EUR): 16 Banks
Abbey National
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
There has been no change to this panel.

Japanese Yen (JPY): 16 Banks
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Bank plc
Citibank NA
Credit Agricole Corporate Investment Bank
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
Credit Agricole CIB replace Bank of America on this panel

New Zealand Dollar (NZD): 8 Banks
Barclays Bank plc
Commonwealth Bank of Australia
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
National Australia Bank
The Royal Bank of Scotland Group
There has been no change to this panel.

 

 

Sterling (GBP): 16 Banks
Abbey National plc
Bank of Tokyo-Mitsubishi UFJ Ltd
BNP Paribas
Barclays Bank plc
Citibank NA
Credit Agricole Corporate Investment Bank
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds Banking Group
Mizuho
Rabobank
Royal Bank of Canada
The Royal Bank of Scotland Group
Société Générale
UBS AG
Credit Agricole CIB replaces Bank of America on this panel

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 AG
There has been no change to this panel.

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
There has been no change to this panel.

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
WestLB AG


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 FX swap markets in confidence to the BBA.  The LIBOR Director 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 and the Foreign Exchange and Money Markets Committee are not able to comment on any individual Panel or bank.

The Foreign Exchange and Money Markets Committee is committed to reviewing the Panels at least twice annually.

Contact Us:

BBA Press Office
+44 (0)20 7216 8989

Out of Hours
+44 (0)20 7216 8888

 

 
BBA Trent Ltd would like to place cookies on your computer to help us make this website better. By continuing to use the site you are agreeing to our use of cookies.
To find out more about the use of cookies, please see our privacy policy