Japan selects term risk-free rate vendor

Sketchy volumes in overnight index swaps hold up calculation methodology

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Quick Corp, the Nikkei-owned financial data vendor, has won the mandate to provide a forward-looking term version of Japan’s Tokyo overnight average rate, or Tonar, but market participants will have to wait for the company to reveal details on how the rate will be calculated and published.

Makoto Sakamoto, a director in Quick Corp’s information management group and a member of the firm’s benchmark team, says the rate will be derived from overnight index swap (OIS) prices, and will have a range

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