Results of periodic monitoring of TORF Official Rates, etc.
QUICK Benchmarks Inc.
QUICK Benchmarks Inc. (QBS) conducted periodic monitoring of TORF Official Rates, etc. from August 1, 2022, to October 31, 2022 (hereinafter referred to as the “monitoring period”), based on the TORF Operational 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 “Revision Policy”), QBS announce the results during the monitoring period as follows.
From the monitoring during the monitoring period, a part of reported data from a reporting broker was detected to be omitted, and the following was observed to have an impact on the Official Rates. QBS has 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.
| Date | Principal | Impact on Official Rates | Revision of Official Rates |
| Sep. 12, 2022 | Reporting broker | Yes (*) | No |
Note: Calculation framework and reporting broker management framework by QBS
In the TORF calculation operation, “hours, minutes, and seconds” were originally used as the time of day for the date and time items of the reported data in accordance with the TORF Calculation Guidelines, but since the start of TORF calculation on April 26, 2021, some reporting brokers’ reported data were not reported in seconds, and they were uniformly treated as ” 00 seconds” (hereinafter referred to as the “event”).
The department in charge of TORF calculation operations and the department monitoring the calculation operations recognized this event as processing based on the information reported by the reporting brokers and did not consider it as a particular problem based on the judgment that it was an unavoidable response from the practical viewpoint of voice broking. However, after internal investigation and consideration of the miscalculation caused by the reporting broker’s omission, QBS decided that it would be desirable to disclose the results of the periodic monitoring and also disclose the results of the TORF calculation in order to ensure the reliability and transparency of the TORF calculation operations.
We will take appropriate measures, including the revision of rules and regulations, to ensure that there are no inconsistencies between the reporting system of reporting brokers and the provisions of the TORF Calculation Guidelines and TORF Code of Conduct. However, until the revision of the rules and regulations is completed, the current process will continue as follows.
| If seconds are not reported in the date and time items of execution data or quote data, they shall be uniformly deemed to be ’00 seconds’. |