Governance

All aspects of the operation and management of bbalibor as a benchmark are the responsibility of the independent Foreign Exchange and Money Markets Committee ('FX&MM Committee'). This includes the design of the product and the governance and scrutiny of all bbalibor data and all panel bank contributions. BBA LIBOR Ltd undertakes the day to day running of the benchmark under the supervision of the Foreign Exchange and Money Markets Committee. As of 01st January 2010, BBA LIBOR Ltd. has also been governed by an independent Board.

Thomson Reuters - the 'Designated Distributor' of BBA LIBOR - is tasked with collecting the submissions that go into the bbalibor process everyday and submitting them to rigorous checks before publishing the resulting fix to the market. If any bank submission to the fix falls outside a defined set of parameters, Thomson Reuters will consult the contributor and request confirmation that the rate formulated is correct, and this allows any simple typing errors to be amended. These parameters are agreed by the FX & MM Committee and are regularly reviewed to ensure they reflect prevailing market conditions and maintain the highest level of scrutiny over the rates.

BBA LIBOR Ltd. receives the fixings and underlying contributor data at the same time as all other live data recipients and monitors all submissions into the fixing process. Any anomalous rates are queried with the submitting bank, and a log of these queries is kept and given to the FX&MM Committee on a periodic basis, who may choose at their discretion to follow up these queries in line with established governance and scrutiny procedures.