Public Consultation on permanent cessation of Euroyen TIBOR and related issues

August 1, 2023

General Incorporated Association JBA TIBOR Administration

JBA TIBOR Administration ("JBATA") (the Chairperson: Satoshi INOUE) has today released this public consultation on permanent cessation of Euroyen TIBOR and related issues ("Public Consultation") to seek to solicit comments from a wide range of market participants.

In response to Principles for Financial Benchmarks - Final report - ("IOSCO Principles") published by the International Organization of Securities Commissions and other initiatives, JBATA implemented "First Phase of JBA TIBOR Reform" with a primary aim of integrating and clarifying the calculation and determination processes of reference banks' submission rates.

While based on First Phase of JBA TIBOR Reform and the progress in subsequent discussions, JBATA periodically evaluates that compliance with the IOSCO Principles has been achieved, JBATA has identified the remaining issue for Principle 7(Data sufficiency) [1] with a view to further enhancing the transparency, robustness, and reliability of JBA TIBOR. To solve these issues[2] and fully be compliant with the IOSCO Principles, JBATA has worked on an initiative called "Second Phase of JBA TIBOR Reform".

Therefore, in order to resolve the remaining issue for IOSCO Principle 7, JBATA initiates this Public Consultation[3] to seeks to solicit comments on "Whether to permanently cease Euroyen TIBOR" and, if adopted, "specific timing of the permanent cessation of Euroyen TIBOR" in consideration of the results of the "Approach for Integrating Japanese Yen TIBOR and Euroyen TIBOR[4]"and other developments.

As a practical issue related to the permanent cessation of Euroyen TIBOR, the Public Consultation also seeks comments on the timing to cease entering into new contracts for cash products (loans and bonds) and interest rate swaps referencing Euroyen TIBOR.

If you have any comments on the consultation questions[5] in the Public Consultation, please submit them by September 30, 2023, in accordance with the following procedures.

Results of the Public Consultation, taking into account the views expressed by stakeholders, is expected to be published by March 31, 2024. If the results of the Public Consultation indicate JBATA's determination to permanently cease Euroyen TIBOR, publishing such results would be intended to constitute a "Permanent Cessation Trigger.

[Public Consultation procedures]

(1) Consultation period
September 30, 2023

(2) How to submit your comments
Comments shall be submitted by e-mail to:

Your comment shall be titled "Comments on [Consultative Document] Permanent cessation of Euroyen TIBOR and related issues" and shall include the following information in the specified format:
・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 on each question

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 Public Consultation】
Office for TIBOR Reform, General Incorporated Association JBA TIBOR Administration
E-mail :

Public Consultation on permanent cessation of Euroyen TIBOR and related issues
Answer format.xlsx


[2] JBATA recognized the remaining issue for Principle 13 (Transition): i.e. "Appropriate fallback rates for JBA TBIOR have not yet been identified". With the publication of the results of Public Consultation on fallback issues for JBA TIBOR and other initiatives, JBATA has evaluated that this issue has been resolved.

[3] The permanent cessation of Euroyen TIBOR has not been determined as of the publication date of the Public Consultation. Therefore, the publication of the Public Consultation should not be read as announcing that the Euroyen TIBOR has ceased, or will cease (at the end of December 24), to be provided permanently or indefinitely, including for the purposes of language adopted by ISDA.

[4] As a result of the public consultation published in 2018 to respond to the issues recognized for Principle 7 (e.g. prolonged downsizing of the Japan Offshore Market that is the underlying market of Euroyen TIBOR), the majority of respondents supported the permanent cessation of Euroyen TIBOR as the basic approach to further reforms. For details, see the following URL.

[5] Please see "8. Consultation questions" in the Public Consultation.