Statement on the end of Euroyen TIBOR (Publication of the Results of Public Consultation on permanent cessation of Euroyen TIBOR and related issues)
March 6, 2024
General Incorporated Association JBA TIBOR Administration
JBA TIBOR Administration ("JBATA") (the Chairperson: Satoshi INOUE) has launched and worked on an initiative called"Second Phase of JBA TIBOR Reform"to fully be compliant with Principles for Financial Benchmarks-Final report-("IOSCO Principles") published by the International Organization of Securities Commissions.
In August 2023,with a primary focus on the remaining issue for IOSCO Principle 7 (Data Sufficiency), JBATA published the Public Consultation on permanent cessation of Euroyen TIBOR and related issues ("Public Consultation")[1] and solicited comments from a wide range of market participants on whether to permanently cease Euroyen TIBOR and its timing,if adopted.
Through this Public Consultation,JBATA received comments from 13 respondents (banks,securities companies, money market intermediary/broker,corporate,banking industry associations). In summary,all the respondents supported for"to implement the permanent cessation of Euroyen TIBOR"and"to set its timing at the end of December 2024."
In consideration of the comments received on the Public Consultation and other relevant inputs,we have decided on the permanent cessation of all tenors (i.e.1- week,1-month,3-month,6-month,and 12-month) of Euroyen TIBOR at the end of December 2024,as described in Annex 1.
For details on the comments received on the Public Consultation,see Annex 2.
Euroyen TIBOR users are required to take actions for transition away from contracts referencing Euroyen TIBOR and make necessary changes,such as modification of their operations and systems, in a planned manner in light of Annex 1 and other related statements/announcements issued by regulatory supervisors and agencies to prepare for the permanent cessation of Euroyen TIBOR at the end of December 2024.
JBATA statement on future cessation of Euroyen TIBOR
Results of Public Consultation on permanent cessation of Euroyen TIBOR and related issues
[Contact information for any inquiring regarding these documents]
Office for TIBOR Reform, General Incorporated Association JBA TIBOR Administration
E-mail: contact@jbatibor.or.jp