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Rules for participating as a CIBOR supporter

In the Danish CIBOR fixing it is possible to participate in group 1 and group 2. The difference between the two groups is the scope of rights and obligations, which is why the individual CIBOR supporter can choose the desired scope of rights and obligations

In connection with the two groups, a committee has been established. The scope of rights and obligations for group 1 and 2 along with the committee's tasks are described below.

Rules for participating as a CIBOR supporter in group 1 

Rules for participating as a CIBOR supporter in group 2 

The committee

A committee has been established in connection with CIBOR and SWAP reference rates. The main aim of the committee is to ensure the quality of CIBOR and SWAP reference rate supporters and their quota fixings.

Members of the committee are appointed by Finance Denmark’s board of directors. Eligibility requires an employment relationship at a CIBOR or SWAP reference rate supporter. If the employment relationship is terminated, membership of the committee will automatically be terminated. 

The applicable CIBOR or SWAP reference rate supporter can subsequently choose to nominate a new person as member of the committee. Eligibility for the committee requires thorough knowledge of the Danish financial market and that the person in question does not fix quotas for CIBOR and SWAP reference rates on a daily basis. Finance Denmark is the secretariat for the committee and participates in its meetings without voting rights.

The committee's tasks concerning CIBOR

  • to approve new CIBOR supporters
  • to follow the development of the individual CIBOR supporters fixings, under this point the committee can request an explanation if a CIBOR supporter is 1/8 from the fixing
  • to take steps for sanctions against CIBOR supporters in group 2, who do not comply with “The rules for fixing CIBOR”. If a CIBOR supporter in group 2 does not comply with “The rules for fixing CIBORthey will receive a written recommendation. Repeated violations of “The rules for fixing CIBORcan lead to a recommendation for exclusion to Finance Denmark’s board of directors. A written recommendation and a recommendation for the exclusion of a CIBOR supporter requires 2/3 majority in the committee
  • to draft the re-enrolment of a CIBOR supporter. A CIBOR supporter in group 1 and group 2 can at their own request resign as CIBOR supporter with one month’s written notice to Finance Denmark. Re-enrolment can only take place after a trial period of up to one month
  • to take steps for excluding a CIBOR supporter in group 1, who does not comply with “The rules for fixing CIBOR”. If a CIBOR supporter in group 1 does not live up to their obligations in relation to “The rules for fixing CIBOR, the remaining members of the committee can recommend to Finance Denmark’s board of directors that the financial institution in question is excluded from the circle of CIBOR supporters
  • that when voting in the committee takes place a majority of 2/3 or more is required to meet as needed.

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Finance Denmark is an interest organisation for banks, mortgage institutions, asset management, securities trading and investment funds in Denmark. Our members are mortgage institutions, banks, savings banks, cooperative savings banks, Danish branches of foreign banks, asset managers, Danish securities dealers and investment funds. 

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