August 10, 2022

Refinitiv issues consultation on Tokyo Swap Rate benchmarks 

Tokyo / London – Refinitiv today announced the publication of a consultation paper regarding the Tokyo Swap Rate benchmarks.

Refinitiv administers Tokyo Swap Rate, a Japanese yen (JPY) interest rate swap (IRS) benchmark family, which is used in the valuation of swaptions, CMS, structured loans and notes, FRNs and private finance initiatives.

The consultation paper seeks feedback from market participants on three topics: a proposed cessation plan for Tokyo Swap Rate (for swaps referencing TIBOR®), a D-TIBOR version of Tokyo Swap Rate and publication of a benchmark value following issuance of a “no fix” for Tokyo Swap Rate (for swaps referencing TONA) and Tokyo Swap Rate Fallback. This consultation paper is not a cessation notice for Tokyo Swap Rate (for swaps referencing TIBOR®).

Refinitiv welcomes industry feedback on the topics covered in the consultation paper prior to 12:00 (UK time) on 14 September 2022.

Jacob Rank-Broadley, Head of LIBOR Transition, Benchmarks & Indices at Refinitiv, said: “Refinitiv welcomes industry feedback on proposed changes to Tokyo Swap Rate in order to ensure the benchmark continues to be aligned with the needs of its users.”

You can download the consultation paper.

You can find more information about the Tokyo Swap Rate.

Refinitiv, an LSEG business, has many years’ experience designing, calculating, governing, administering and publishing financial benchmarks that lie at the heart of the global financial system. You can find more information about Refinitiv benchmarks.

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 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.  For more information visit:


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

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