PRAGUE Feb 23 The Czech Financial Markets
Association will hand over administration of the key interbank
reference rates PRIBOR to a local unit of
international benchmark services provider Global Rate Set
Systems (GRSS), it said on Thursday.
The Czech Financial Benchmark Facility, a GRSS subsidiary,
will administer PRIBOR after a transition period, it said.
"It became clear to us that we should seek to appoint an
independent specialist in order to ensure PRIBOR remains a
robust, transparent and evolving benchmark for the ongoing
benefit of the Czech financial markets, Daniel Madera, of the
Financial Markets Association, said in a statement.
The change comes as stricter European Union regulations come
into place from next year.
GRSS is also the official calculating agent of the Euribor
(Reporting by Jason Hovet)