Wikipedia
MIBOR - Mumbai Inter-Bank Offer Rate
The Committee for the Development of the Debt Market that had studied and recommended the modalities for the development for a benchmark rate for the call money market. Accordingly, NSE had developed and launched the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-bank Offer Rate (MIBOR) for the overnight money market on June 15, 1998. The success of the Overnight NSE MIBID MIBOR encouraged the Exchange to develop a benchmark rate for the term money market. NSE launched the 14-day NSE MIBID MIBOR on November 10, 1998 and the longer term money market benchmark rates for 1 month and 3 months on December 1, 1998. Further, the exchange introduced a 3 Day FIMMDA-NSE MIBID-MIBOR on all Fridays with effect from June 6, 2008 in addition to existing overnight rate.
The MIBID/MIBOR rate is used as a bench mark rate for majority of deals struck for Interest Rate Swaps, Forward Rate Agreements, Floating Rate Debentures and Term Deposits.
Fixed Income Money Market and Derivative Association of India (FIMMDA) has been in the forefront for creation of benchmarks that can be used by the market participants to bring uniformity in the market place. To take the process of development further, FIMMDA and NSEIL have taken the initiative to co-brand the dissemination of reference rates for the Overnight Call and Term Money Market using the current methodology behind NSE – MIBID/MIBOR. The product was rechristened as 'FIMMDA-NSE MIBID/MIBOR'. The 'FIMMDA-NSE MIBID/MIBOR' is now jointly disseminated by FIMMDA as well as NSEIL through their websites and other means and simultaneous dissemination of the information would be as per international practice.
The rate is fixed on the basis of "volume based weighted average of traded rates from 9 to 10 in the morning".
MIBOR may refer to:
- MIBOR (Mumbai Inter-Bank Offer Rate)
- MIBOR (Moscow Inter-Bank Offer Rate)
- MIBOR (Madrid Inter-Bank Offer Rate)
Moscow Inter-Bank Offer rate is an indicative rate of Rouble money market calculated by Central Bank of Russia on a daily basis. MIBID and MIACR ( Moscow Interbank Bid / Actual Credit Rate, respectively) are also calculated alongside MIBOR. Official statistics on rates bid, offered and traded are collected from about 30 participating (appointed by CB) banks.