Wednesday 28, March 2018 by Nabilah Annuar

UAE Central Bank appoints official calculation agent of EIBOR

Centra Bank appoints Thomson Reuters as the official calculation agent and distributor for the UAE Interbank Offer Rate (EIBOR).

A panel of eight banks will contribute initially to EIBOR, which will be calculated by Thomson Reuters based on its methodology and procedures aligned to the International Organisation of Securities Commission (IOSCO) Principles for Financial Benchmarks.

The appointment is part of the new set of regulation for UAE Banking industry released by the Central Bank of the UAE earlier today. The initiative is expected to enhance the governance process for setting EIBOR and empower UAE banks to offer independent benchmark fixing.

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