2025/02/25

Results of periodic monitoring of TORF Official Rates, etc.

QUICK Benchmarks Inc. (QBS) conducted periodic monitoring of TORF Official Rates, etc. from October 1 to Descember 30, 2024 (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 announces the results during the monitoring period as follows.

During the specified monitoring period, errors in calculations were identified. These inaccuracies were a result of miscommunications between a reporting broker and QBS during the data correction process in the QBS system. In response, QBS has implemented measures in accordance with the TORF Operational Rules to ensure the accuracy of corrections and prevent similar miscommunications in the future during calculation and approval tasks. Additionally, we have reiterated to the concerned reporting broker the importance of adhering to the Code of Conduct to ensure proper rate reporting.

*Errors were identified in the corrections QBS made to the data reported by a broker. When the data was recalculated based on the correct amendments, a discrepancy emerged with the published 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%.).”