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Minimum rules

for keeping a logbook for Finance Denmark’s reference rates

A logbook of banks’ quota systems must be kept in connection with the fact that banks fix quotas for reference rates

The information below should be regarded as a supplement to the rules in Regulation No. 1299 of 14 November 2013 on supervision of fixing reference rate, as this regulation takes precedence. In cases of interpretive uncertainty the regulation is always applicable and in force.

The logbook must be kept on a daily basis on all days, where quotas are fixed.

The logbook for quoted rates must contain information on:

  • who was responsible for the days quota fixing
  • documentation or information on the circumstances that affected the days quota fixing
    - Provided that the supporter has been contacted by the service provider concerning the days quota fixing i.e. due to a standard deviation
  • Particularly for Tomorrow/Next interest rates:
    - Provided that the T/N rate is not calculated via the daily trade report but the quota is instead fixed, an explanation of the circumstances that have affected the fixing of the quoted rate on the day in question will be provided.
  • Particularly for the CIBOR quota system:
    - If the gap to the CITA reference rate is markedly changed, this must be documented or justified.
  • In this context, documentation is defined as i.e. a screenshot of the supporters own trading prices with an underlying volume that reflects the normal market-maker obligation for the product in question.

Technical requirements for the logbook

There are two alternative ways of keeping a logbook:

1: It must be possible to see who has written in the logbook, the time of writing and when someone has subsequently edited previous records.

It may only be possible to edit one’s own records in the logbook.

The logbook must be kept electronically.

2: It must be possible to see who has written in the logbook and the time of writing

Changes may not be made in the logbook, but new remarks may be added

The logbook must be kept electronically.

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Finance Denmark is an business association 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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