Swedish banks considering Stibor alternative By Reuters

0
259
Fed


Swedish banks considering Stibor alternative

STOCKHOLM (Reuters) – Swedish banks will look at ways to revamp Stibor, an interbank rate used as a reference for billions of crowns of financial contracts, the Swedish Banker’s Association said on Tuesday, after worries about transparency and governance.

Concerns about international reference rates surfaced after the financial crisis and a number of banks were fined billions of dollars for trying to rig the London Interbank Offered Rate, or Libor.

Sweden’s central bank launched an investigation into Stibor in 2012 and though it said it had not found evidence of manipulation, it warned that the Swedish system lacked transparency and a clear governance framework.

Sweden’s Banking Association said its working group would investigate alternatives to Stibor, partly because it gives a poor reflection of actual interbank transactions, echoing similar initiatives for the dollar, pound and the euro.

The Swedish working group consists of the participating banks, the Swedish Central Bank, the National Debt Office and Financial Supervisory Authority.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here