Mibor use limits reform impact

Author: Ashley Lee | Published: 5 Aug 2014

India has become a global leader in reforming its interbank offered rate, the Mumbai Interbank Offered Rate (Mibor). That would be helpful if the benchmark were more frequently used.

The Reserve Bank of India (RBI) acted quickly to bring Mibor fixing in compliance with the International Organisation of Securities Commission’s (Iosco) principles for financial benchmarks.

That follows the regulator’s efforts to adhere to global reforms, and is also in line with demands for greater transparency.

RBI has taken cues from what’s happening internationally with London Interbank Offered Rate (Libor) fixing in the UK having an important influence on the thought process here, said Ashwin Ramanathan, partner at AZB & Partners. "This was a preemptive move to a more transparent and market-driven way to determine the interbank offered rate," he...



close Register today to read IFLR's global coverage

Get unlimited access to IFLR.com for 7 days*, including the latest regulatory developments in the global financial sector, updated daily.

  • Deal Analysis
  • Expert Opinion
  • Best Practice


*all IFLR's global coverage published in the last 3 months.

Read IFLR's global coverage whenever and wherever you want for 7 days with IFLR mobile app for iPad and iPhone

"The format of the Review has changed over the years; the high quality of its substantive content has not."
Lee C Buchheit, Cleary Gottlieb