What is TORF

TORF is one of the alternative interest rate benchmarks to replace LIBOR ("London Interbank Offered Rate") , which is calculated and published by QUICK Benchmarks Inc.(QBS). TORF is based on the data of derivative transactions whose the underlying asset is the "uncollateralized overnight call rate," which contains almost no credit risk of financial institutions. TORF is designated as a "Specified Financial Benchmark" under the Financial Instruments and Exchange Act and QBS is designated as a "Specified Financial Benchmark Administrator".
Please be sure to read the notes here before using the rates.