A stable, well-functioning financial market for allA stable, well-functioning financial market for allSwedish Financial Benchmark Facility AB receives authorisation as administrator of STIBOR under BMR
Finansinspektionen grants Swedish Financial Benchmark Facility AB (SFBF) authorisation as an administrator of STIBOR under the EU regulation on benchmarks (BMR).
SFBF provides the benchmark STIBOR (Stockholm Interbank Offered Rate), which is a critical reference rate according to the BMR.
The BMR, which entered into force in 2018, introduced not only requirements on control, oversight, documentation and transparency for administrators, among other things, but also greater responsibility for both contributors of input data to administrators and users of benchmarks. The regulation furthermore required SFBF to submit no later than year-end 2021 an application for authorisation in order to continue to be an administrator of STIBOR under the new rules.
SFBF submitted its application to FI on 27 December 2021. FI has examined SFBF's application and reached a decision to approve it.
This means that SFBF may continue to provide STIBOR and that the market may continue to use STIBOR.
Because SFBF received authorisation from FI, SFBF has been added to ESMA's public register of administrators pursuant to the BMR. As the competent authority under the BMR, FI will conduct supervision of SFBF in its role as authorised administrator.
