FAQs

Following the withdrawal of the UK from the EU on 31 January 2020 and the end of the accompanying transitional period on 31 December 2020 the UK has enacted a Benchmark Regulation framework which will have an impact on the use of 3^rd country benchmarks by UK supervised users. The UK has implemented further transitional arrangements such that UK supervised users can continue to use 3rd country benchmarks until at least the end of 2022 without either the benchmark or its administrator being registered with the UK Financial Conduct Authority (FCA). The DFBF is an authorised administrator under the EU Benchmark Regulation as the administrator of CIBOR®, Tom/Next, CITA and SWAP. It has applied to the UK FCA and as of 30^th of June 2021 is included on the UK register of approved benchmark administrators to allow UK supervised users to continue to use CIBOR®, Tom/Next, CITA and SWAP post the 2022 year-end deadline.

The subscription requirements can be found on our “How to Subscribe” page – https://dfbf.dk/subscribe/how-to-subscribe/.

Fees are only applicable to subscribers if they wish to receive the live data (up to 24 hours delayed) from an authorised vendor.

The DFBF website will provide delayed data and this is for a users internal business use and not intended to be resold to third parties.  Many vendors are providing the delayed data at no charge.  There is no requirement to have any direct subscription agreement with DFBF to receive this data from your existing vendor.

Delayed data can be used according to the use conditions of your existing vendor.

In the case that you wish to distribute delayed data to third parties as a data service, you will need to enter into a distribution agreement with DFBF.

DFBF distributes data in three ways;

1. It provides 24 hour delayed data on the DFBF website. This is free of charge
2. Authorised Delayed Data vendors provide 24 hour delayed data to their clients at no charge (some vendors provide live and delayed options)
3. Live data (up to 24 hour delayed) is distributed to subscribers who have signed a subscription agreement directly with DFBF (available from the DFBF website). The method of distribution is via an Authorised vendor who has a license to distribute live data. Once the subscriber has a subscription with DFBF, the DFBF advises the vendor to provide access in accordance with the type of subscription. This will allow access via vendor terminals, datafeeds and other applications.

Some Information Vendors are publishing Tomnext in time series available to the end users. Generally, the time series includes a ‘Date’ and a calculated Tomnext Rate. Since the Tomnext reform came to effect, there has been a change of the values published in the ‘Date’ field:

For Tomnext published prior to April 2022, the ‘Date’ field shows values of the former ‘Trade Date’. In the rates published after 1st April 2022, the ‘Date’ field contains the newly introduced ‘Reference Date’. In both time periods, the values displayed in the ‘Date’ field are one business day previous to Tomnext publication, however their definitions are different and can be found in the respective methodologies.

While Tomnext was not published on 1^st April 2022, as illustrated on the excerpt from the Tomnext historical data series, an uninterrupted series of 1 day interest rates has been preserved during the transition. Please observe the various pre-/post-reform dates and their relevance to the calculation date in the chart below, with the emphasis on the critical dates around the reform date 1st April 2022 in red.

Calculation/Fixing Date	Value Date	Trade Date	Reference Date	Tomnext Rate
28/03/2022	28/03/2022	25/03/2022	N/A	-0.4427
29/03/2022	29/03/2022	28/03/2022	N/A	-0.3957
30/03/2022	30/03/2022	29/03/2022	N/A	-0.3589
31/03/2022	31/03/2022	30/03/2022	N/A	1.0058
04/04/2022	01/04/2022	N/A	01/04/2022	-0.25
05/04/2022	04/04/2022	N/A	04/04/2022	-0.456
06/04/2022	05/04/2022	N/A	05/04/2022	-0.459
07/04/2022	06/04/2022	N/A	06/04/2022	-0.471
08/04/2022	07/04/2022	N/A	07/04/2022	-0.456

Until 31 March 2022 the Tom/Next rates were published with 4 decimals, however, as part of the transition of Tom/Next becoming DESTR + a spread it was decided to mirror the format of DESTR which is published with 3 decimals.

The historical data for the CIBOR tenors which ceased to exist on 1 April 2022 can no longer be found on the DFBF website. Should you have a need for this data kindly contact helpdesk@dfbf.dk.

DESTR is the new risk free reference rate for the Danish market.

 

Please visit the “How to Subscribe” page to view the steps required to obtain a subscription agreement – https://dfbf.dk/subscribe/how-to-subscribe/

The fees for the subscription services are explained in full on the subscription charges page – https://dfbf.dk/subscribe/subscription-charges/

From the 1st October 2019 the Danish Financial Benchmark Facility ApS will be the benchmark administrator for the DFBF benchmarks detailed below.

It will collect submissions from a panel of Danish banks, calculate the benchmarks according to the published methodology and then publish the rates to the financial markets.

The data package includes all four benchmarks and no benchmarks are distributed individually.

Benchmark name	Description
CIBOR	Copenhagen Interbank Offered Rate
CITA	Copenhagen Interbank Tomorrow/Next
SWAP	SWAP Reference Rates
TOM/NEXT	Tomorrow/Next Interest Rates

Please go to our “How to Subscribe” page – https://dfbf.dk/subscribe/how-to-subscribe/

A subscription can be obtained online from the DFBF website.  Once you accept the terms and conditions you will be provided with a subscription from DFBF, this is a system generated file and is not countersigned.  Should you require a coutersigned version please contact us at subscriptions@dfbf.dk and we will arrange for one to be created for you.

A subscription agreement allows use of the data for internal business purposes and to provide subsets of the benchmarks to clients for reporting purposes. The subscription agreement describes the use rights.
If however, you wish to distribute the benchmarks as a service, you will need to contact DFBF to get a distribution licence agreement.

Older browsers are still being used in many financial markets institutions, many of these browsers do not support SNI and will generate this error.  Please try a later version of browser.  If you are unable to utilise a supported browser in your environment please contact subscriptions@dfbf.dk and we will endeavour to find a work around for you.