Global Rate Set Systems has reached an agreement sell its subsidiary, Swedish Financial Benchmark Facility (SFBF) to Financial Benchmarks Sweden (FBS), , as of August 16, 2021.
The Swedish Financial Benchmark Facility was set up by GRSS to be an independent benchmark administrator, specifically established to administer the Stockholm Interbank Offered Rate, known as STIBOR.
Under the new agreement, GRSS will provide Calculation Agent and Licensing services to SFBF as an outsourced service provider and the management and staff of SFBF will be unaffected by the sale. The transfer of ownership will have no effect on, or result in any changes to, the administration of STIBOR and the publication of the STIBOR rates.
The SFBF will continue to manage the administration of STIBOR and formally file an application for authorisation with the Swedish Regulator, Finansinspektionen, by the end of 2021 to be compliant with regulation EU 2016/1011 for financial benchmarks (EU BMR).