InformationEstablishment of QUICK Benchmarks Inc. (QBS), the TORF provider
Jan 18, 2021
QUICK Corp.
QUICK Corp. (Head Office: Chuo-ku, Tokyo; President & CEO: Katsuyoshi Kondo) is pleased to announce the establishment of QUICK Benchmarks Inc. (QBS) on 18 January 2021 to calculate and publish Tokyo Term Risk Free Rate (TORF) which is a new interest rate benchmark for the Japanese yen that will replace LIBOR, London Interbank Offered Rate.
QUICK will transfer its calculation and publication to QBS to keep the transparency of TORF calculation and operational soundness, in addition, to comply with Principles for Financial Benchmarks set forth by IOSCO, International Organization of Securities Commissions.
Prototype rates of TORF are now calculated and published on a daily basis, and its production rates to be used for actual trading are expected to commence calculating and publishing by the middle of 2021.
QUICK aims for TORF to be designated as a “Specified Financial Benchmark” under the Financial Instruments and Exchange Act and for QBS to be designated as a “Specified Financial Benchmark Administrator”.
| Name | QUICK Benchmarks Inc.（QBS） |
|---|---|
| Establish | 18 January 2021 |
| Head Office Address | Nihonbashi Mitsui Tower 2-1-1, Nihonbashi Muromachi, Chuo-ku, Tokyo 103-0022 |
| Representative | President, Chief Executive Officer : Masahiro Sasaki（Managing Director of QUICK Corp.） |
| Business | Calculation and publication of financial indices, and their licensing management |
| Capital | 300 million yen |
| Shareholder | QUICK Corp.（100％） |
【Outline of TORF】
https://corporate.quick.co.jp/en/torf
【Contact us】