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BBA Libor panels

11 Mar 2011

The independent Foreign Exchange and Money Markets Committee that oversees BBA LIBOR today announces that with effect from March 21 2011, Société Générale will replace National Bank of Canada on the BBA LIBOR panel for the Canadian dollar.

Notes to editors

Decisions on individual banks are taken on the basis of scale of activity in the London market, perceived expertise in the currency concerned, reputation, and with due consideration of credit standing.  "London market" means any transaction carried out from London, or with a London counterparty, or via a London intermediary Current and potential panel members are 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 BBA LIBOR ltd.   BBA LIBOR ltd compiles this data into a review which is presented to the Foreign Exchange and Money Markets 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.  BBA LIBOR ltd., 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.

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