Implementation of JBA TIBOR reform

July 24, 2017
General Incorporated Association JBA TIBOR Administration

　As we, General Incorporated Association JBA TIBOR Administration ("JBATA") (the chairman: Akihiro Wani), published on February 24, 2017, We have implemented JBA TIBOR reform today by making the revised JBA TIBOR Code of Conduct and relevant rules effective.[1]

With the implementation of the reform, all reference banks calculate their reference rates following the integrated and clarified calculation/determination process based on the revised JBA TIBOR Code of Conduct.

Following the reform, the name and definition of JBA TIBOR are not changed'. Please be aware, however, that the timing of JBA TIBOR publication has been changed from "by 12:00 noon" to "by 1:00.p.m".

JBATA will continue to commit to enhancing our administration in order to improve the reliability and transparency so as to ensure that the JBA TIBOR will be internationally recognized as a benchmark which is in line with the "Principles for Financial Benchmarks" published by the International Organization of Securities Commissions ("IOSCO") and will be widely used as a representative benchmark of Japanese interest rates.