The Danish Financial Benchmark Facility (DFBF) is pleased to announce that it has been authorised as the Administrator of CIBOR and 3 other benchmarks of importance to the Danish financial markets. The authorisation is granted by the Danish financial regulator, Finanstilsynet, who will act as supervisor under European Benchmark Regulation (BMR) and means that users can continue to reference the benchmarks as the regulation comes into force from 1st January 2020. It is on this date that the Administration of CIBOR, Tom/Next, CITA and SWAP will formally be transitioned to DFBF from the Danish Bankers Association, Finance Denmark.
Jesper Mortensen, Managing Director of DFBF, said ‘We are delighted to be formally approved as an Administrator and therefore able to provide certainty to those referencing the benchmarks, that they can continue to do so in the knowledge that global best practice governance standards are in place. Whilst this is an important milestone, I should note that our newly formed Committee structure will be closely reviewing the use, and applied methodologies, of each benchmark to ensure that, on an ongoing basis, they are robust, fit for purpose and supportive to the broad Danish financial market’.