NoRe and Nibor

Latest news:

On 12 December 2019 NoRe sent its application for authorisation as administrator for Nibor according to the EU Benchmarks Regulation (BMR). Consequently, the Nibor may be used as benchmark in the EU also after 1 January 2020. See newsletter 13.12.2019. 

Norske Finansielle Referanser AS (NoRe) is established and owned by Finance Norway with the purpose to administer financial benchmarks. NoRe has approval from the Norwegian Ministry of Finance to act as administrator for the Norwegian Interbank Offered Rate (Nibor).

Nibor is a collective term for Norwegian money market rates at different maturities. Nibor is intended to reflect the interest rate level a bank require for unsecured money market lending in NOK to another bank. Nibor is calculated and published by Oslo Børs with maturities of one week, one month, two months, three months and six months.

The Nibor framework consists of the Nibor Rules supplemented with guidelines. The rules describe what the interest rates represents, the requirements laid on the suppliers of data (the panel banks) and how the rates are to be calculated and published.

Nibor and the EU Benchmarks Regulation (BMR)

Norway is not a member of the European Union, but part of the European Economic Area (EEA), governed by the EEA Agreement. The EU Benchmarks Regulation (BMR) is relevant to the EEA and was implemented in Norwegian legislation 6 December 2019. NoRe applied for authorization as administrator for Nibor according to BMR on 12 December 2019.

NoRe published on 20 August 2019 a consultation on changes to the Nibor methology. The proposal is based on requirements in the BMR and the existing definition of Nibor. The consultation report (in Norwegian) is available here. An English summary is given in the newsletter published on 20 August 2019. 

Access fee - distribution and/or use of Nibor information

Global Rate Set Systems (GRSS) took on the role of being calculation and licencing agent for Nibor 30 September 2019. New subscribers as from 30 September must engage in an agreement with NoRe through GRSS to get access to Nibor information.

For information about subscription fees, terms and how to subscribe, please see our Subscription area.

For subscribers having a subscription on Nibor information with Oslo Børs, Oslo Børs  will continue as primary distributor until the end of 2019 on existing terms. Subscribers need to obtain a new subscription agreement with NoRe before 15 December to ensure uninterrupted access to Nibor.

For more information please see our newsletter published September 10th, 2019.

                 

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