Working group on short-term reference rate

Danmarks Nationalbank established in January 2021 a working group on short term reference rate in Danish kroner to support the adoption of DESTR and the transition from the Tom/Next-rate to DESTR. 

The working groups mandate includes a recommendation on the preferred future short-term reference rate in Danish kroner and to prepare a plan for the adoption of DESTR and the transition from the Tom/Next-rate to DESTR, cf. Terms of Reference.

The participants represent a broad range of players in the Danish market, cf. member list. In addition Danmarks Nationalbank and the Danish FSA participate as observers.

Meeting agenda, minutes, and publications from the working group will be made publicly available on this page.

Publications and milestones

DESTR recommended as the preferred risk-free reference rate in Danish kroner

In june 2021 the working group recommended DESTR as the preferred risk-free reference rate in Danish kroner. It is the working group's belief that DESTR will be a robust reference rate that can serve as a strong, reliable anchor in the short end of the curve, enhance a liquid swap and loan market and function as both a complement to and fallback for the CIBOR fixings. This recommendation delivers on the first part of the working groups mandate, cf. Terms of Reference.

Link: Recommendation of DESTR as the preferred risk-free reference rate in Danish kroner

 

Working Group Meetings

3. meeting in working group - May 18 2021
2. meeting in working group - April 8 2021
1. meeting in working group - February 11 2021