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 Global Rate Set Systems (GRSS) with maturities of one week, one month, two months, three months and six months.
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 was included in the list of pending applications published by ESMA - The European Securities and Markets Authority - on 13 December 2019 and may therefore be used as benchmark in the EU also after 1 January 2020.
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 more information please see our newsletter published September 10th, 2019.