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Drumbeat: Ad Buzzaar
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Tuesday, June 16, 1998
NSE floats benchmark rates for call market
OUR BANKING BUREAU
MUMBAI, June 15: The National Stock Exchange today launched the NSE Mibor and NSE Mibid, which will be benchmark rates for the inter-bank call markets. NSE Mibor will be the Mumbai inter-bank offer quote while Mibid is the bid quote.The NSE Mibor for today was pegged at 5.25 per cent while the Mibid was 5.10 per cent with a standard deviation of 0.03 per cent. In a press release issued here today, NSE said it will poll a panel comprising 28 active participants in the call market. Polling of the panel members will be done daily between 9.45-9.50 am, after which the NSE Mibor/Mibid is to be put out.In June 1996, the exchange set up the "Committee for development of the debt market' which was headed by OP Chawla,ex-director, National Institute of Bank Management, Pune. The commitee felt that a neutral third party like the NSE would be appropriate for commuting and disseminating a reference rate. The proposal of the committee for the reference rate was also discussed at the last meeting of the RBI standingcommittee on money markets."The Mibor/Mibid could be used as a benchmark for developing new instruments in the derivatives market," NSE said in its press release. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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