October 31, 2022
Refinitiv to cease Tokyo Swap Rate (for swaps referencing TIBOR®)
Tokyo / London – Refinitiv today announced that it will cease publication of Tokyo Swap Rate (for swaps referencing TIBOR®). The final publication will be at 15:30 (Tokyo time) on 31 March 2023.
Tokyo Swap Rate is a Japanese yen (JPY) interest rate swap (IRS) benchmark family. Tokyo Swap Rate (for swaps referencing TIBOR®) is part of the Tokyo Swap Rate benchmark family. Prior to issuing the cessation notice for Tokyo Swap Rate (for swaps referencing TIBOR®) Refinitiv requested industry feedback via a consultation paper. Refinitiv would like to thank those who responded.
This announcement has no impact on any other Tokyo Swap Rate settings.
Following the publication of Tokyo Swap Rate (for swaps referencing TIBOR®) afternoon settings on 31 March 2023 the page <27143> will display the final published rates and the notice “Tokyo Swap Rate (for swaps referencing TIBOR®) has now ceased. Users may want to consider using an alternative rate.” The other RICs will display the final published rates without the notice. Three months after Tokyo Swap Rate (for swaps referencing TIBOR®) cessation the RICs and pages shown in the table below will be removed from Refinitiv products.
Refinitiv will not publish a fallback for Tokyo Swap Rate (for swaps referencing TIBOR®) after 31 March 2023.
Users of Tokyo Swap Rate (for swaps referencing TIBOR®) should take into account this cessation notice and ensure their contractual and other arrangements linked to the benchmark contain appropriate and robust fallback plans or other arrangements to address the cessation.
The joint outcome statement and cessation notice is available to download here.
RICs and pages subject to cessation
| Tenor | RICs and pages |
| All tenors | 27143 JPYTSRT= |
| 1-Year | JPYTSRT1Y= |
| 18-Months | JPYTSRT18M= |
| 2-Years | JPYTSRT2Y= |
| 3-Years | JPYTSRT3Y= |
| 4-Years | JPYTSRT4Y= |
| 5-Years | JPYTSRT5Y= |
| 6-Years | JPYTSRT6Y= |
| 7-Years | JPYTSRT7Y= |
| 8-Years | JPYTSRT8Y= |
| 9-Years | JPYTSRT9Y= |
| 10-Years | JPYTSRT10Y= |
For more information about the Tokyo Swap Rate, please visit here.
TIBOR is a registered trademark of the Federation of Bankers Associations of Japan, registration number 4115624.
About Refinitiv
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With more than 40,000 customers and 400,000 end users in approximately 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.refinitiv.com.
Contacts
Lemuel Brewster
Refinitiv, London Stock Exchange Group
Communications Director
Mobile +1 (917) 805-1089
Lemuel.brewster@refinitiv.com
Silke Marsh
Refinitiv, London Stock Exchange Group
Director, Communications, Asia Pacific
Mobile +65 9793 4140
Silke.marsh@refinitiv.com