Currency

Reference rate

Description

USD

Fed Funds Effective

Volume weighted average of the transactions processed through the Federal Reserve between member banks. It is intended to reflect the best estimate of interbank financing activity for Reserve Bank members and is the reference for many short-term money market transactions in the broader market.

AUD

RBA Daily Cash Target

Refers to a 1-day rate set by the Reserve Bank of Australia to influence short term interest rates.

BRL

Brazil CETIP DI Interbank Deposit Rate

 

Brazil’s Interbank Deposit Rate is the daily average annualized rate calculated by the number of business days in the month, of the one-day interbank deposit rates.

CAD

Bank of Canada Overnight Lending Rate

Refers to a 1-day rate set by Bank of Canada to influence short term interest rates.

CHF

SARON

Stands for Swiss Average Rate Overnight and represents the overnight interest rate of the secured funding market for the Swiss Franc. SARON is administered by SIX.

CNH

CNH HIBOR

Stands for Hong Kong Interbank Offered Rate and is the offered rate at which deposits in CNH are being quoted to prime banks in the Hong Kong interbank market.

CZK

PRIBOR

Average interest rate at which term deposits are offered between prime banks.

DKK

Denmark Tomorrow/Next

The interest rate at which a bank is prepared to lend Danish kroner to a prime bank on an uncollateralized basis day to day.

EUR

€STR

Stands for Euro Short-Term Rate and is the rate which reflects the wholesale euro unsecured overnight borrowing costs of euro area banks. The rate is published by the ECB and is based on transactions conducted and settled on the previous day and which are deemed to be executed at arm’s length and thereby reflect market rates in an unbiased way.

GBP

SONIA

Stands for Sterling Overnight Index Average and is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. SONIA is administered by the Bank of England.

HKD

HKD HIBOR

Stands for Hong Kong Interbank Offered Rate and is the offered rate at which deposits in HKD are being quoted to prime banks in the Hong Kong interbank market.

HUF

BUBOR

Stands for Budapest Interbank Offered Rates and is the average interest rate at which term deposits are offered between prime banks.

ILS

TELBOR

Stands for Tel Aviv Inter-Bank Offered Rate and is based on interest rate quotes by a number of contributors in the inter-bank market.

INR

Indian Rupee Overnight Interest Rate Fixing

A rate based on overnight call money trade data from the NDS-Call system within the first hour of trading.

JPY

TONAR

Stands for Tokyo Overnight Average Rate and is a measure of the cost of borrowing in the Japanese yen unsecured overnight money market for Japanese Yen. TONAR is administered by the Bank of Japan.

KRW

KORIBOR

Average of the leading interest rates for KRW as determined by a group of large Korean banks. The benchmark utilizes the KORIBOR with 1 week maturity.

MXN

TIIE

The interbank "equilibrium" rate based on the quotes provided by money center banks as calculated by the Mexican Central Bank. The benchmark TIIE is based on 28-day deposits so is atypical as a measure for short term funds (most currencies have an overnight or similar short-term benchmark).

NOK

Norwegian Overnight Weighted Average

The interest rate on unsecured overnight interbank loans between banks that are active in the Norwegian overnight market.

NZD

NZD Daily Cash Target

Refers to a 1-day rate set by the Reserve Bank of New Zealand to influence short term interest rates.

PLN

WIBOR

Stands for Warsaw Interbank Offered Rates and is a measure of unsecured deposits concluded between market participants.

SEK

STIBOR

Daily fixing based on a group of large Swedish banks.

SGD

SOR

Stands for the SGD Swap Offer Rate and represents the cost of borrowing SGD synthetically by borrowing USD for the same maturity and swapping USD in return for SGD.

TRY

TLREF

The Turkish Lira Overnight Rate (TLREF) is calculated as the volume-weighted mean rate, based on the central 70% of the the volume-weighted distribution of overnight repo rate transactions.

ZAR

SABOR

Stands for South African Benchmark Overnight Rate and is calculated based on interbank funding.

 

 

 

 

 

 

 

Overnight

(O/N) rate is the most widely used short term benchmark and represents the rate for balances held from today until the next business day.

 

Spot-Next

(S/N) refers to the rate on balances from the next business day to the business day thereafter. Due to time zone and other criteria, Spot-Next rates are sometimes used as the short-term reference.

 

Day-Count conventions:

IBKR conforms to the international standards for day-counting wherein deposits rates for most currencies are expressed in terms of a 360-day year, while for other currencies (ex: GBP) the convention is a 365-day year.