Thomson Reuters to become official calculation agent of Eibor

Dubai: The UAE Central Bank has appointed Thomson Reuters, the official calculation agent and distributor for the UAE Interbank Offer Rate (Eibor), according to Thomson Reuters.

The appointment is part of the new set of regulation for UAE Banking industry released by the Central Bank of the UAE. The initiative will enhance the governance process for setting Eibor and empower UAE banks to offer independent benchmark fixing.

A panel of eight banks will contribute initially to Eibor, which will be calculated by Thomson Reuters based on its well-established and documented methodology and procedures aligned to the International Organisation of Securities Commission (IOSCO) Principles for Financial Benchmarks.