QUICK Benchmarks Inc.
QUICK Corp. (Head Office: Chuo-ku, Tokyo, President & CEO: Shinzo Takami, hereinafter “QUICK”) and its group company, QUICK Benchmarks Inc. (Head Office: Chuo-ku, Tokyo, President & CEO: Masahiro Sasaki, hereinafter “QBS”) are pleased to inform that QBS is designated as a "Specified Financial Benchmark Administrator" under the Financial Instruments and Exchange Act on 27 April. TORF, Tokyo Term Risk Free Rate, which QBS is calculating and publishing is subject to the regulation of the Financial Services Agency as a "Specified Financial Benchmark."
The Specific Financial Benchmark is defined in the Financial Instruments and Exchange Act as "A financial benchmark that may have a significant impact on Japan's capital markets if its reliability is to decline.” QBS will comply with Principles for Financial Benchmarks set forth by IOSCO, International Organization of Securities Commissions, keep the transparency of its calculation and operational soundness and contribute to the sound growth and development of financial and capital markets.
TORF is one of the interest benchmarks for the Japanese yen, an alternative to the London Interbank Offered Rate (LIBOR). QUICK had been calculating and publishing prototype rates to help implement a smooth transition from LIBOR since May 2020. QBS started to calculate and publish the production rates for actual trading from Monday April 26 2021.
|Name of the benchmark||Tokyo Term Risk Free Rate (TORF)|
|Data sources||Market data relating to Japanese yen overnight index swap (OIS), ACT/365|
|Tenor||3 Tenors (1m/3m/6m)|
|Calculation time||15:00 JST on Tokyo business days|
|Publication time||around 17:00 JST on Tokyo business days|