2022/04/15

Results of periodic monitoring of TORF Official Rates, etc.

QUICK Benchmarks Inc. (QBS) conducted periodic monitoring of TORF Official Rates, etc. from November 1, 2021 to January 31, 2022, based on the TORF Operational Rules (“Rules”). Based on the results, and in accordance with the Policy on Treatment of Revisions to TORF Official Rates, etc. (hereinafter referred to as the “Revised Policy”), QBS announce the results as follows.


From the monitoring, a part of reported data from a reporting broker was detected to be omitted, and the following were observed to have an impact on the Official Rates. Although Official Rates would not be revised, it was an error in the report data that resulted in inappropriate calculation and treatment based on the Rules was conducted.

* A part of reported data from a reporting broker was detected to have errors, and re-calculation based on the accurate reporting data was conducted, there was a difference from Official Rates. However, the difference was lower than the criteria defined in the Revised Policy, “In the event of a significant impact on the level of Official Rates (The threshold is set at 0.02%.).”

In addition, a part of reported data from a reporting broker was detected to have errors. These errors were detected during the calculation process at QBS and did not affect the Official Rates.


QBS have reminded the reporting broker who made these erroneous reports to ensure that data reports are accurate in accordance with the Code of Conduct and to promptly report any erroneous data to QBS.

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[1] The period covered by the periodic monitoring was from November 2021 to January 2022, but in the process of investigating the impact of these omissions, it was discovered that it also affected the TORF Official Rates on February 9, so this information is also included.