Since the Tomnext reform (details of which can be seen here) came to effect on 1st April 2022, the DFBF has received inquiries regarding the publication of the reformed Tomnext Benchmark on the various Information Vendor platforms, thus deemed a further clarification of the benchmark’s publication was needed.

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.

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