The Bank of Russia has determined the alternative LIBOR interest indicators

The Bank of Russia publishes a list of foreign reference interest indicators that are aligned with the Principles for financial indicators of the International organization of securities commissions (IOSCO).

It is assumed that listed in the list of risk-free reference interest indicators will be used as an alternative to LIBOR (London Interbank Offered Rate) and other indicators to be changed in the framework of the global reform of financial indicators, which will increase the stability of the financial market.

Financial indicators and benchmarks levels of interest rates, exchange rates, value of securities and commodities, play an important role in the functioning of financial markets and the economy as a whole. The problem of equitable developing financial indicators and the availability of procedures for preventing manipulation, particularly acute stood in front of regulators after the global financial crisis of 2008-2009. Then a trigger was identified instances of manipulation mechanism for determining rates of interest for the main indicators of the money market for unsecured interbank lending transactions, the so-called indicators IBOR (Interbank Offered Rate).

As necessary the Bank of Russia will update the list of alternative financial indicators.

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