Foreign Exchange and Money Markets Committee

The Foreign Exchange & Money Markets Committee is independent of the BBA and any other organisation and will continue to have the sole responsibility for all aspects of the functioning and development of bbalibor. The Committee consists of highly experienced market participants - including a wide spread of individuals representing different contributing banks - along with other concerned parties and associations who do not submit to the bbalibor rate setting process.

The Committee is chaired by a representative from a contributing bank who submits to a minimum of three bbalibor currencies, with two Deputy Chairmen below them.

All Committee members shall have a vote, apart from the secretary who is the bbalibor manager. Each member will have the option to allow a named alternate of suitable standing to attend meetings if they are not able to and this alternate will act in place of the member.  All members of the Committee serve as individuals representing their firms and will be expected to act in the best interests of the bbalibor benchmark and the markets it serves.

The Committee will typically meet every two months but at times of market stress will meet more frequently as required. The Committee has three sub-committees: Fixings, Oversight and the Steering Group. The Fixings sub-committee will consider any relevant information in respect of concern about a rate or about a calculation in general. The Oversight sub-committee will decide what action needs to be taken in respect of a particular contributing bank referred to them by the Fixings Committee.  The Steering Group will recommend changes to the members of panels to the FX&MM Committee. Each sub-committee is chaired by a deputy chairman of the Committee.