Promoting the JBA Tokyo Inter Bank Offered Rate ("JBA TIBOR") Reforms (2nd Consultative Document)

August 28, 2015

General Incorporated Association JBA TIBOR Administration

In response to the publication of "Reforming Major Interest Rate Benchmarks" by the Financial Stability Board ("FSB") in July 2014, we, General Incorporated Association JBA TIBOR Administration ("JBATA") (the chairman: Akihiro Wani), have been promoting the JBA TIBOR reforms. In December 2014, we issued the Consultative Document "Promoting the JBA Tokyo Inter Bank Offered Rate ("JBA TIBOR") Reforms following reports by Financial Stability Board ("FSB") and International Organization of Securities Commissions ("IOSCO")" for public consultation (the "1st public consultation") and received comments on the direction of our reforms from users and other stakeholders.

In the attached consultative document (the "2nd public consultation" or "this consultation") , we summarize our proposed direction for promoting the JBA TIBOR reforms ("Proposed Reforms") in light of the outcome of JBATA's consideration based on the comments collected through the 1st public consultation. It provides details of the Proposed Reforms, including the results of the 1st public consultation, the analysis on data submitted by reference banks and the background of our considerations, and seeks comments on the contents of the Proposed Reforms from users and other stakeholders.

Based on the results of the 2nd public consultation, JBATA intends to further embody the Proposed Reforms over a period of time from the end of 2015 up to early 2016 in preparation for the implementation phase.

Any comments on the Proposed Reforms are to be submitted in accordance with the following instructions by no later than Friday, November 20, 2015.

○　How to submit your comments

(1) Consultation period
From Friday August 28, 2015 to Friday November 20, 2015
(Comments should arrive at JBATA no later than November 20, 2015)

(2) Submission
Comments would be submitted:
・by post to
Operation Department,
General Incorporated Association JBA TIBOR Administration
(Address: 1-3-1 Marunouchi, Chiyoda, Tokyo 100-8216, JAPAN); or
・by e-mail to
contact@jbatibor.or.jp.

[Notes]
Your comment would be titled "Comment on Promoting JBA TIBOR Reforms (2nd Consultative Document)" and would include the following information:
・Name;
・Contact information (Phone number, e-mail address);
・Name of the legal entity or organization (if you are a member of any); and
・Your comments and reasons for your opinions.

Personal information (e.g. name and contact information) included in the comment will be used when JBATA needs to contact you to inquire about unclear matters in comments.
For further detail regarding the treatment of personal information, see our Privacy Policy.

[Contact information for any inquiry regarding the consultative document]
Operation Department,
General Incorporated Association JBA TIBOR Administration
Phone: +81 (0)3-5252-4131

Promoting the JBA Tokyo Inter Bank Offered Rate ("JBA TIBOR") Reforms (2nd Consultative Document)