The Riksbank’s review of Stibor
Date
28/11/2012
The Riksbank has followed the Swedish benchmark rate, Stibor, since 2007 and in autumn 2011 began a more in-depth review. The results of this review are now presented in a Riksbank study. The results of the empirical evaluation in the review indicate there are no signs of any manipulation of Stibor. However, there are a number of deficiencies in the framework surrounding Stibor. For instance, there is no individual agent with overall responsibility for Stibor and nor is there a clear structure for governance and control. Moreover, transparency concerning the pricing of Stibor is inadequate and it is difficult to verify how the benchmark rate is determined, above all for longer maturities. The Riksbank therefore recommends that Stibor should be reformed to remedy the deficiencies in the framework and to reinforce confidence in this benchmark rate. The Riksbank has submitted a recommendation concerning Stibor in its current Financial Stability Report 2012:2.
The publication can be downloaded or ordered via the links below.
