Announcement of treatment after discontinuation of 2-month tenor and simultaneous publication of individual submission

February 5, 2018
General Incorporated Association JBA TIBOR Administration

As we, General Incorporated Association JBA TIBOR Administration ("JBATA") (the chairman: Akihiro Wani), announced "Revision to the "JBA TIBOR Code of Conduct" Reflecting the Result of the 3rd Public Consultation, and Implementation Date of JBA TIBOR Reform, etc." on February 24, 2017, we will conduct discontinuation of 2-month tenor and simultaneous publication of individual submission from the first business day of April 2019.

We are pleased to publish points of attention regarding these matters as follows.

１．Discontinuation of 2-month tenor rate publication
JBATA will conduct discontinuation of 2-month tenor rate publication from the first business day of April 2019.
When entering into a new contract referencing the JBA TIBOR, certain measures would need to be taken; for example, by just not referencing the 2-month tenor or; by setting out an alternative arrangement in preparation for the discontinuation.
If a contract referencing the 2-month tenor does not stipulate alternative measures/arrangements, the concerned parties may, for example, agree upon the following arrangements in advance. Please note, though, the detail of these arrangements should be considered and agreed by the concerned parties, taking into account the nature of the contract and are not limited to those described below.

　a. Rates reasonably determined as offered rates of JPY loan transactions in the Tokyo interbank market with a duration equivalent to 2-month tenor.
　b. Rates calculated by liner interpolation using 1-month rate and 3-month rate.

２．Discontinuation of simultaneous publication of individual submission
Although JBATA currently publish individual rates submitted by each reference bank simultaneously with the JBA TIBOR, JBATA will cease the simultaneous publication of individual rates from the first business day of April 2019. After that, the publication of individual rates will be implemented in the following manner.

a.　Publication media：Individual submission rates will be published by information providers
b.　Timing of publication： Individual rates submitted every business day during a month will be published on the last business day after 3 month(*)

c.　Publication data: Historical data of the individual submission rates during a month regarding both the Japanese Yen TIBOR and the Euroyen TIBOR

(Example)
・All of the individual rates submitted by reference banks during April 2019 will be published on the last business day of July, 2019
・All of the individual rates submitted by reference banks during May 2019 will be published on the last business day of August, 2019
・All of the individual rates submitted by reference banks during June 2019 will be published on the last business day of September, 2019

　Regardless of the aforementioned changes, individual rates submitted by a reference bank can be referenced on a contract with the reference bank. In such case, please contact to your counterparty in the bank.

(*) This would not be applied in case of the Contingency plan for JBA TIBOR publication being effective. JBATA will publish the rates immediately after the plan is terminated in such case.