February 23, 2017 / 12:27 PM / a year ago

Czech interbank rate PRIBOR gets GRSS unit as new administrator

PRAGUE, Feb 23 (Reuters) - 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 benchmark. (Reporting by Jason Hovet)

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