Benchmark Interest Calculation Reference Rate Descriptions

Currency Reference Rate Description
USD Fed Funds Effective Volume weighted average of the transactions processed through the Federal Reserve between member banks. It is intended to reflect the best estimate of interbank financing activity for Reserve Bank members and is the reference for many short-term money market transactions in the broader market.
AED EIBOR Is the daily reference rate at which the Panel Banks are able and willing to access UAE Dirham funding, just prior to 11:00 local time. The Contributor Banks use a waterfall in order to contribute their Contributions. For Level 1 of the waterfall, volume weighted average prices of all eligible unsecured Saudi Riyal transactions are used.
AUD RBA Interbank Overnight Cash Rate The Interbank Overnight Cash Rate is the Reserve Bank Board's operational target for monetary policy, and is calculated as the weighted average of the interest rate at which overnight unsecured funds are transacted in the domestic interbank market.
BGN LEONIA Plus (Lev Overnight Index Average Plus) Is a weighted reference rate of concluded and effected overnight deposit transactions on the interbank market.
BRL Brazil CETIP DI Interbank Deposit Rate Brazil’s Interbank Deposit Rate is the daily average annualized rate calculated by the number of business days in the month, of the one-day interbank deposit rates.
CAD Bank of Canada Overnight Lending Rate Refers to a 1-day rate set by Bank of Canada to influence short term interest rates.
CHF SARON Stands for Swiss Average Rate Overnight and represents the overnight interest rate of the secured funding market for the Swiss Franc. SARON is administered by SIX.
CNH CNH HIBOR Stands for Hong Kong Interbank Offered Rate and is the offered rate at which deposits in CNH are being quoted to prime banks in the Hong Kong interbank market.
CZK PRIBOR Average interest rate at which term deposits are offered between prime banks.
DKK Denmark Tomorrow/Next The interest rate at which a bank is prepared to lend Danish kroner to a prime bank on an uncollateralized basis day to day.
EUR €STR Stands for Euro Short-Term Rate and is the rate which reflects the wholesale euro unsecured overnight borrowing costs of euro area banks. The rate is published by the ECB and is based on transactions conducted and settled on the previous day and which are deemed to be executed at arm’s length and thereby reflect market rates in an unbiased way.
GBP SONIA Stands for Sterling Overnight Index Average and is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. SONIA is administered by the Bank of England.
HKD HKD HIBOR Stands for Hong Kong Interbank Offered Rate and is the offered rate at which deposits in HKD are being quoted to prime banks in the Hong Kong interbank market.
HUF BUBOR Stands for Budapest Interbank Offered Rates and is the average interest rate at which term deposits are offered between prime banks.
HUF Hungary 3 Month Treasury Bill Is an annualized yield on Hungarian 3 month Treasury bills.
ILS TELBOR Stands for Tel Aviv Inter-Bank Offered Rate and is based on interest rate quotes by a number of contributors in the inter-bank market.
INR Indian Rupee Overnight Interest Rate Fixing A rate based on overnight call money trade data from the NDS-Call system within the first hour of trading.
JPY TONAR Stands for Tokyo Overnight Average Rate and is a measure of the cost of borrowing in the Japanese yen unsecured overnight money market for Japanese Yen. TONAR is administered by the Bank of Japan.
KRW KORIBOR Average of the leading interest rates for KRW as determined by a group of large Korean banks. The benchmark utilizes the KORIBOR with 1 week maturity.
MXN TIIE The interbank "equilibrium" rate based on the quotes provided by money center banks as calculated by the Mexican Central Bank. The benchmark TIIE is based on 28-day deposits so is atypical as a measure for short term funds (most currencies have an overnight or similar short-term benchmark).
NOK Norwegian Overnight Weighted Average The interest rate on unsecured overnight interbank loans between banks that are active in the Norwegian overnight market.
NZD NZD Daily Cash Target Refers to a 1-day rate set by the Reserve Bank of New Zealand to influence short term interest rates.
PLN WIBOR Stands for Warsaw Interbank Offered Rates and is a measure of unsecured deposits concluded between market participants.
RON ROBOR (Romanian Overnight Interbank Offered Rate) Calculated daily as a trimmed arithmetic average of the quotations by main banks on the interbank market.
SAR SAIBOR Is a daily benchmark using contributions from a panel of Contributor Banks. The Contributor Banks use a waterfall in order to contribute their Contributions. For Level 1 of the waterfall, volume weighted average prices of all eligible unsecured Saudi Riyal transactions are used.
SEK STIBOR Daily fixing based on a group of large Swedish banks.
SGD SORA The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore.
TRY TLREF The Turkish Lira Overnight Rate (TLREF) is calculated as the volume-weighted mean rate, based on the central 70% of the volume-weighted distribution of overnight repo rate transactions.
ZAR SABOR Stands for South African Benchmark Overnight Rate and is calculated based on interbank funding.
  Overnight (O/N) rate is the most widely used short term benchmark and represents the rate for balances held from today until the next business day.
  Spot-Next (S/N) refers to the rate on balances from the next business day to the business day thereafter. Due to time zone and other criteria, Spot-Next rates are sometimes used as the short-term reference.
  Day-Count conventions: We conform to the international standards for day-counting wherein deposits rates for most currencies are expressed in terms of a 360-day year, while for other currencies (ex: GBP) the convention is a 365-day year.