QUICK

1. Adopting “Fixing in advance”

To manage financial assets by unifying the underlying exposure
and several related transactions, “Fixing in advance” is convenient.

2. Using a definition very similar to LIBOR

The existing system can be adapted with minor modifications.

3. Calculating based on the execution data
observed in the market

TORF is more robust rather than the conventional LIBOR that used “Submission” type.

 

Tokyo Term Risk Free Rate (TORF)