India changes time for release of key overnight benchmark rate
Financial Benchmark India will publish the daily Mumbai Interbank Offer Rate at 12:45 p.m. IST, instead of the current 10:45 a.m. IST, it said in a release dated July 18.
"The benchmark rate will be computed from actual traded data in the call money market for the first three hours of trading, i.e. from 9 AM to 12 Noon, instead of the first one hour of trading data presently used for computation of MIBOR," the FBIL said.
This move comes after FBIL started publishing a new overnight benchmark, the Secured Overnight Rupee Rate, which gets published daily at 12:45 p.m. IST.
SORR is computed from actual traded data in the tri-party repo market and the basket repo trades of the market repo segment for the first three hours of trading.
A committee set up by the Reserve Bank of India to review the MIBOR had recommended that to compute the rate, the first three hours of trades should be considered instead of the first one hour.
Since about 70%-80% of the daily traded volume in the call money market is transacted in the first three hours of trading, data from that duration would enhance the representativeness of the benchmark, according to the committee.
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Top image credit: Reuters BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can send us your feedback on the InDepth section by clicking on the button below.
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