MIBOR (Mumbai Inter-Bank Offer Rate)
Encyclopedia
MIBOR - Mumbai Inter-Bank Offer Rate
MIBID - Mumbai Inter-Bank Bid Rate
The Committee for the Development of the Debt Market that had studied and recommended the modalities for the development for a benchmark rate for the call money market. Accordingly, NSE had developed and launched the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-bank Offer Rate (MIBOR) for the overnight money market on June 15, 1998. The success of the Overnight NSE MIBID MIBOR encouraged the Exchange to develop a benchmark rate for the term money market. NSE launched the 14-day NSE MIBID MIBOR on November 10, 1998 and the longer term money market benchmark rates for 1 month and 3 months on December 1, 1998. Further, the exchange introduced a 3 Day FIMMDA-NSE MIBID-MIBOR on all Fridays with effect from June 6, 2008 in addition to existing overnight rate.
The MIBID/MIBOR rate is used as a bench mark rate for majority of deals struck for Interest Rate Swaps, Forward Rate Agreements, Floating Rate Debentures and Term Deposits.
Fixed Income Money Market and Derivative Association of India (FIMMDA) has been in the forefront for creation of benchmarks that can be used by the market participants to bring uniformity in the market place. To take the process of development further, FIMMDA and NSEIL have taken the initiative to co-brand the dissemination of reference rate
s for the Overnight Call and Term Money Market using the current methodology behind NSE – MIBID/MIBOR. The product was rechristened as 'FIMMDA-NSE MIBID/MIBOR'. The 'FIMMDA-NSE MIBID/MIBOR' is now jointly disseminated by FIMMDA as well as NSEIL through their websites and other means and simultaneous dissemination of the information would be as per international practice.
Overnight values since 1998 (source: NSE website www.nse-india.com)
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External Links
NSE Wholesabe debt market link - http://www.nse-india.com/content/debt/debt_statistics.htm
Today's MIBOR MIBID values - http://www.nse-india.com/marketinfo/eod_information/bidbor.jsp
MIBID - Mumbai Inter-Bank Bid Rate
The Committee for the Development of the Debt Market that had studied and recommended the modalities for the development for a benchmark rate for the call money market. Accordingly, NSE had developed and launched the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-bank Offer Rate (MIBOR) for the overnight money market on June 15, 1998. The success of the Overnight NSE MIBID MIBOR encouraged the Exchange to develop a benchmark rate for the term money market. NSE launched the 14-day NSE MIBID MIBOR on November 10, 1998 and the longer term money market benchmark rates for 1 month and 3 months on December 1, 1998. Further, the exchange introduced a 3 Day FIMMDA-NSE MIBID-MIBOR on all Fridays with effect from June 6, 2008 in addition to existing overnight rate.
The MIBID/MIBOR rate is used as a bench mark rate for majority of deals struck for Interest Rate Swaps, Forward Rate Agreements, Floating Rate Debentures and Term Deposits.
Fixed Income Money Market and Derivative Association of India (FIMMDA) has been in the forefront for creation of benchmarks that can be used by the market participants to bring uniformity in the market place. To take the process of development further, FIMMDA and NSEIL have taken the initiative to co-brand the dissemination of reference rate
Reference rate
A reference rate is a rate that determines pay-offs in a financial contract and that is outside the control of the parties to the contract. It is often some form of LIBOR rate, but it can take many forms, such as a consumer price index, a house price index or an unemployment rate...
s for the Overnight Call and Term Money Market using the current methodology behind NSE – MIBID/MIBOR. The product was rechristened as 'FIMMDA-NSE MIBID/MIBOR'. The 'FIMMDA-NSE MIBID/MIBOR' is now jointly disseminated by FIMMDA as well as NSEIL through their websites and other means and simultaneous dissemination of the information would be as per international practice.
Overnight values since 1998 (source: NSE website www.nse-india.com)
See also
- EuriborEuriborThe Euro Interbank Offered Rate is a daily reference rate based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market .-Scope:...
- TIBORTIBORTIBOR stands for the Tokyo Interbank Offered Rate and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Japan wholesale money market...
- Prime ratePrime ratePrime rate or prime lending rate is a term applied in many countries to a reference interest rate used by banks. The term originally indicated the rate of interest at which banks lent to favored customers, i.e., those with high credibility, though this is no longer always the case...
- Ted spreadTED spreadThe TED spread is the difference between the interest rates on interbank loans and on short-term U.S. government debt . TED is an acronym formed from T-Bill and ED, the ticker symbol for the Eurodollar futures contract....
- Libor-OIS spreadLIBOR-OIS spreadThe LIBOR–OIS is the difference between LIBOR and the overnight indexed swap rates. The spread between the two rates is considered to be a measure of health of the banking system.-Risk barometer:...
- LIBIDLIBIDThe London Interbank Bid Rate is a bid rate; the rate bid by banks on Eurocurrency deposits . It is "the opposite" of the LIBOR...
- MIBORMIBORMIBOR may refer to:*MIBOR *MIBOR *MIBOR...
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External Links
NSE Wholesabe debt market link - http://www.nse-india.com/content/debt/debt_statistics.htm
Today's MIBOR MIBID values - http://www.nse-india.com/marketinfo/eod_information/bidbor.jsp