Terms and conditions for using the JBA TIBOR
The JBA TIBOR is posted on this website for informational purposes only. The JBA TIBOR is officially announced by information providers that have been authorized by the JBATA, namely, Refinitiv Japan K.K., QUICK Corp., Jiji Press, Ltd., Bloomberg Finance L.P. and Nomura Research Institute, Ltd. When you are to use the JBA TIBOR as a reference rate for concluding and executing a contract or when you are to see the JBA TIBOR for making important decisions, please make sure to refer to the JBA TIBOR published by those information providers.
You should be aware of the followings before using the JBA TIBOR:
●There is a possibility that the JBA TIBOR has not been calculated or published(※１) in the normal manner or that it will be subject to future modifications after its publication due to the occurrence of severe damages to the relevant facilities or electricity outage, etc., the excessive market stress, the decrease in reference banks, the existence of operational risk factors associated with the calculation of the JBA TIBOR or any other similar events. In such cases, there may be influences on the claims or liabilities under the financial agreements referring to the JBA TIBOR or on the fair market value of financial instruments.
※１ The JBATA normally calculates and publishes the JBA TIBOR when eight or more reference banks submit rates no later than 12:35 p.m. However, in the events where the JBATA has difficulty in the calculation and publication of the JBA TIBOR due to the occurrence of severe damages to the relevant facilities or electricity outage, etc., the excessive market stress, the decrease in reference banks or any other similar events, the JBA TIBOR will be calculated and published in accordance with the calculation method set out in the Contingency Plan for JBA TIBOR Publication. In such cases, the JBA TIBOR as of the previous day may be published as valid rates for the current day.
●For the purpose of improving credibility of the JBA TIBOR as a benchmark representing the market environment appropriately, the definition or the calculation methods of the JBA TIBOR may be reviewed in the future and the publication of the JBA TIBOR may be suspended in response to the changes in the unsecured call markets in Japan or offshore markets. In such cases, there may be influences on the claims or liabilities under the financial agreements referring to the JBA TIBOR or the fair market value of financial instruments.
●The JBATA is not responsible for any effects on contracts referring to the JBA TIBOR that have been caused or would be caused by any modifications to the published JBA TIBOR or any revision in the definition or calculation method thereof, unless there are special circumstances attributable to the JBATA.
●The JBATA is not responsible for any consequences of the usage of the JBA TIBOR or rates submitted by reference banks that have been published by the above information providers, any consequences of the usage of the JBA TIBOR posted on this website (together with information published by the information providers, collectively referred to as “Posted Information”), or any consequences including damages caused by the delayed posting or the lack of posting (including misquotations) in relation to the Posted Information.
In light of the above, when you use the JBA TIBOR, it would be recommended to take pre-cautionary measures. For example, parties under the relevant contract are recommended to agree on a “fall-back” provision as an alternative arrangement or measure to prepare the situations where any modifications are made to the JBA TIBOR after its publication or where the JBA TIBOR has not been published.
Please note that users of the JBA TIBOR and its relevant information shall be deemed to have recognized, understood and accepted the terms and conditions of use described above.
In cases when the latest JBA TIBOR is not be able to be posted on this website due to disasters or any other reasons, the rates will be posted in principle on the website of the Ippan Shadan Hojin Osaka Bankers Association (Japanese only) .
In such cases, the website of the Ippan Shadan Hojin Osaka Bankers Association shall be deemed as “this website” on this “Terms and conditions for using the JBA TIBOR.”