Recruitment of Reference Banks for JBA TIBOR for Fiscal Year 2016

October 6, 2015

Ippan Shadan Hojin JBA TIBOR Administration

On April 1, 2014, the JBA TIBOR Administration ("JBATA") commenced the "JBA TIBOR (Tokyo InterBank Offered Rate)" calculation and publication operations, which was transferred from the Japanese Bankers Association ("JBA"). The JBATA has been calculating and publishing the "Japanese Yen TIBOR" and "Euroyen TIBOR" (hereinafter referred as "JBA TIBOR") since then.

JBA TIBOR Operational Rules (Appendix A) Article 35 provides that the JBATA shall recruit and select reference banks for rate submissions every year, taking into account factors such as market trading volume (trading volume in the Japanese unsecured call money market for Japanese Yen TIBOR or the volume in the Japanese Offshore Market for Euroyen TIBOR).

In order to be newly selected as a reference bank, establishment of internal rules including provisions pertaining to the matters set out in paragraphs (1) to (12) described in JBA TIBOR Code of Conduct ("Code of Conduct"(※1)) will be required. Furthermore, compliance to the Code of Conduct will need to be examined by JBATA.

Upon understanding of these requirements, if you wish to be selected as a reference bank, please review and agree with the four statements on the second page of Appendix 1. Then, please submit Appendix 1 ~ 4 to JBATA by registered mail (※) to be delivered no later than noon on Friday, December 25, 2015.

In the selection process, after examining the submitted documents, the JBATA will inform you of the results by the end of March, 2016. Please be advised that any information submitted to the JBATA will be kept under the strictest confidentiality.

Further, please be informed that once you are selected as a reference bank, submitting rates to JBATA, you will be required to pay utmost attention to avoid engaging in any activities, which may constitute a violation of the Antimonopoly Law (See Attachment 3 of JBA TIBOR Code of Conduct).

(Appendix A) JBA TIBOR Operational Rules
(Appendix B) JBA TIBOR Code of Conduct
(Appendix 1) JBA TIBOR Reference Bank Application Form
(Appendix 2) Questionnaire regarding Japanese Yen TIBOR
(Appendix 3) Questionnaire regarding Euroyen TIBOR
(Appendix 4) Draft internal rules submission Form

(※)Mailing address:
3-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
100-0005, Japan
JBA TIBOR Administration