• TH
    • TH
  • About BOT
    • Roles & History
    • Laws And Regulations
    • Organization And Executives
    • Committee
    • Financial Reports
    • Banknotes
    • Museum
  • Monetary Policy
    • Monetary Policy Committee (MPC)
    • Monetary Policy Target
    • Schedule of Meetings
    • MPC Meeting Results
    • MPC Publications
    • MPC Knowledge
    • Economic Conditions
    • Regional Economy
    • Research and Conference Papers
  • Financial Institutions
    • Financial Institutions Policy Committee
    • Thailand’s Financial Institutions​
    • BOT Roles and Responsibilities
    • Financial Institutions Supervision in Practice
    • Financial Institutions Policy
    • Supervision of Other Financial Corporations
    • Supervisory Coordination
  • Financial Markets
    • Monetary Operations
    • Financial Market Development
    • Foreign Exchange Market
    • Foreign Reserves Management
    • Foreign Exchange Regulations
    • Thai Reference Rate and LIBOR Transition
    • Bond Investor Registration
  • Payment Systems
    • Payment Systems Committee (PSC)
    • Payment Systems Policy
    • Oversight of Payment Systems
    • Payment Systems Act
    • Oversight of e-Payment Service Providers
    • BOT's Payment System Services
    • Payment Systems Standards
    • Payment Systems Notification & Circulars
    • Cross-border Payment
    • Financial Technology
  • Research and Conferences
    • Research
    • Conferences
    • Puey Ungphakorn Institute For Economic Research
  • Statistics
    • Financial Markets
    • Economic and Financial
    • Financial Institutions
    • Payment Systems
    • Regional Economic and Financial
    • Key Economic Indicators
    • Selected Recent Developments
    • BOT API
    • Statistics Handbook

  • Home
  • > Financial Markets
Financial Markets
      • RMB Transaction
Financial Markets
  • Monetary Operations
    • Reserve Requirement
    • BOT Bond issuance
    • Bilateral Repurchase
    • Outright Purchase and Sale
    • Foreign exchange swap
    • Standing Deposit Facility
    • Standing Lending Facility
    • Securities Borrowing Facility
    • Term Liquidity Facility
  • Financial Market Development
  • Foreign Exchange Market
    • FX Global Code
    • Foreign Exchange Risk Management
    • Local Currency Markets
      • RMB Transaction
    • Related Articles
  • Foreign Reserves Management
    • Official Foreign Reserves
    • Official Foreign Reserves Process
    • Official Reserves Management
  • Foreign Exchange Regulations
    • FXRegulation
    • Types of Foreign Exchange Licenses
    • Measure to Prevent Thai Baht Speculation
    • Report Form
    • Contact Us
  • Thai Reference Rate and LIBOR Transition
  • Bond Investor Registration
​Thai Reference Rate and LIBOR Transition

          The Financial Conduct Authority (FCA), the regulator of London Interbank Offered Rate (LIBOR) of the five major currencies (USD, EUR, GBP, JPY, and CHF) announced the future cessation or loss of representativeness of LIBOR by end 2021 for all EUR, GBP, JPY, and CHF LIBOR tenors and 1-week and 2-month USD LIBOR tenors and by mid 2023 for the remaining USD LIBOR tenors.

          In Thailand, LIBOR is not only referenced in financial transactions, but USD LIBOR is also a component in the calculation of Thai Baht Interest Rate Fixing (THBFIX), which is widely utilized in financial transactions, both cash and derivative products, as a reference rate for pricing, valuation and cash flow determination. LIBOR discontinuation also poses significant impacts on Thai financial market; as a result, market participants should closely monitor the transition development and prepare for the upcoming transition.

          The Bank of Thailand (BOT), in collaboration with the Thai Bankers' Association (TBA) and the Association of International Banks (AIB), has established the Steering Committee on Commercial Banks' Preparedness on LIBOR Discontinuation (the committee) whose key task is to ensure the smooth and fairest transition by focusing on 3 main areas:

          1. Amendment of financial contracts referencing LIBOR and THBFIX including loan, notes and derivative contracts.
          2. Preparation of commercial banks for LIBOR transition.
          3. Development plan for alternative Thai reference rate.

          The committee recommends market participants to assess contract outstanding referencing LIBOR or THBFIX in order to assess initial impacts. Moreover, market participants should consult with commercial banks or counterparties in advance to amend existing contracts in timely manner. To keep the market participants informed, progress reports along with conclusions are available on the BOT website.

For more information, please contact   ReferenceRate@bot.or.th  or call  0-2356-7534, 0-2283-5476


Introduction to THOR
A User’s Guide to Thai Overnight Repurchase Rate (THOR) (Feb 2022)
BOT Notification Re: Guidelines for the Calculation of per period Interest Rates for Financial Transactions referencing the Thai Overnight Reference Rate (THOR) (Feb 2022)
THOR Calculator
Excel Overnight rate convention examples
Volume and number of THOR OIS transactions
Reference rates
THOR
THBFIX
Fallback Rate (THBFIX)
THOR product convention
THOR product convention
THBFIX transition to THOR
Transition Milestones to THOR (Nov 21)
Transition Roadmap of Thai Reference Rate From THBFIX to THOR (May 2021)
THBFIX Fallback Rate Adjustments Rule Book
Events and Announcement
“LIBOR Transition and Benchmark Reform” seminar
Link to lastest news about reference rates
Share
Tweet
Share
Tweet
About BOT
  • Roles & History
  • Laws And Regulations
  • Organization And Executives
  • Committee
  • Financial Reports
  • Banknotes
  • Museum
Monetary Policy
  • Monetary Policy Committee (MPC)
  • Monetary Policy Target
  • Schedule of Meetings
  • MPC Meeting Results
  • MPC Publications
  • MPC Knowledge
  • Economic Conditions
  • Regional Economy
  • Research and Conference Papers
Financial Institutions
  • Financial Institutions Policy Committee
  • Thailand’s Financial Institutions​
  • BOT Roles and Responsibilities
  • Financial Institutions Supervision in Practice
  • Financial Institutions Policy
  • Supervision of Other Financial Corporations
  • Supervisory Coordination
Financial Markets
  • Monetary Operations
  • Financial Market Development
  • Foreign Exchange Market
  • Foreign Reserves Management
  • Foreign Exchange Regulations
  • Thai Reference Rate and LIBOR Transition
  • Bond Investor Registration
Payment Systems
  • Payment Systems Committee (PSC)
  • Payment Systems Policy
  • Oversight of Payment Systems
  • Payment Systems Act
  • Oversight of e-Payment Service Providers
  • BOT's Payment System Services
  • Payment Systems Standards
  • Payment Systems Notification & Circulars
  • Cross-border Payment
  • Financial Technology
Statistics
  • Financial Markets
  • Economic and Financial
  • Financial Institutions
  • Payment Systems
  • Regional Economic and Financial
  • Key Economic Indicators
  • Selected Recent Developments
  • BOT API
  • Statistics Handbook
Schedule of Releases
Terms and Conditions
Personal Data Privacy Policy
Links
FAQ
Contact Us

©2015 Bank of Thailand. All rights reserved.   ( Best View with Chrome, Safari, Firefox or IE 10 (and above) )
Inquiry/Suggestion/Complaint
E-newsletter


©2015 Bank of Thailand. All rights reserved.