October 28, 2021

Refinitiv launches regulated Tokyo Swap Rate (for swaps referencing TONA) to facilitate industry transition from LIBOR

Tokyo/London: Refinitiv, a London Stock Exchange Group business, today announced the launch of Tokyo Swap Rate (for swaps referencing TONA) – a new version of Tokyo Swap Rate, the Japanese yen (JPY) interest rate swap (IRS) benchmark family.

On 5 March 2021, the UK Financial Conduct Authority (FCA), announced that all Japanese Yen LIBOR settings, would cease to be published in their current form immediately following 31 December 2021.

To support the market transition away from LIBOR and adopt new market conventions, today Refinitiv has introduced the new production Tokyo Swap Rate (for swaps referencing TONA) benchmark. The production benchmark is administered by Refinitiv Benchmark Services (UK) Limited (RBSL) in compliance with the UK Benchmark Regulation and is available in tenors from 1-year to 40-years based upon dealer-to-client quotes in centrally cleared spot starting TONA OIS. Refinitiv source the primary data from Tradeweb and the secondary data from TP ICAP. The data is collected during 20-minute windows shortly before publication at 10:30 (Tokyo time) and 15:30 (Tokyo time) daily.

“As the global financial markets migrate away from LIBOR, the launch of our Tokyo Swap Rate (for swaps referencing TONA) serves as a critical step to facilitate this transition to the new market convention. Now more than ever the industry requires robust and transparent rates that are administered by an experienced provider and subject to the highest regulatory standards, so markets can continue to function and grow even during periods of great uncertainty and stress,” said Jacob Rank-Broadley, Head of LIBOR Transition, Benchmarks & Indices at LSEG.
Tokyo Swap Rate (for swaps referencing TONA) is accessible on Refinitiv products such as Workspace, Eikon, DataScope and Refinitiv Real-Time. Firms can immediately commence using the benchmark in financial contracts and production systems.

Refinitiv are using Tokyo Swap Rate (for swaps referencing TONA) together with a constant spread adjustment in line with feedback from industry consultation to produce prototype Tokyo Swap Rate Fallback settings. The fallback settings are also available in tenors from 1-year to 40-years and published at the same time as the Tokyo Swap Rate (for swaps referencing TONA) settings. Tokyo Swap Rate Fallback settings will remain in prototype status until the end of the year. Tokyo Swap Rate Fallback will become a production benchmark at the start of 2022.

For more information about the Tokyo Swap Rate, please visit here.

Refinitiv has many years’ experience designing, calculating, governing, administering and publishing financial benchmarks that lie at the heart of the global financial system. For more information about Refinitiv benchmarks, visit here.

About Refinitiv

Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With $6.25 billion in revenue, more than 40,000 customers and 400,000 end users in approximately 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners.


Lemuel Brewster
Refinitiv, London Stock Exchange Group
Communications Director
Mobile +1 (917) 805-1089

Silke Marsh
Refinitiv, London Stock Exchange Group
Director, Communications, Asia Pacific
Mobile +65 9793 4140