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Governance

All aspects of the operation and management of bbalibor as a benchmark are the responsibility of the LIBOR Panel Banks and Users Group. This includes design of the benchmark and the governance and scrutiny of all bbalibor data and all panel bank contributions. BBA LIBOR Ltd undertakes the day to day running of the benchmark under the supervision of the LPBAUG. As of 1st January 2010, BBA LIBOR Ltd. has been governed by an independent Board.

Thomson Reuters - the 'Designated Distributor' of BBA LIBOR - is tasked with collecting the daily submissions that are inputs into the bbalibor process and submitting them to checks before publishing the resulting calculation to the market. If any bank submission falls outside a defined set of parameters, Thomson Reuters will consult the contributor and request confirmation that the rate provided is correct, thus allowing any simple typing errors to be amended promptly. These parameters are agreed by the LPBAUG to ensure they reflect prevailing market conditions and maintain the highest level of scrutiny over the rates.

There is a named individual at each bank responsible for submitting the daily bbalibor rates to Thomson Reuters. There is written guidance on what information this person should take into account when calculating that day's rates for his or her bank. As all contributor banks are regulated, they are responsible to their regulators, rather than BBA LIBOR Ltd. or the LPBAUG, for maintaining appropriate procedures for contributing.

 
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