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The BSE has received approval from SEBI and RBI to introduce interest rates futures (IRF) on Overnight MIBOR (Mumbai Inter-bank Offer Rate) consecutively to provide participants an opportunity to manage risk exposures. MIBOR is the interest rate at which banks borrow from another for short-term purposes. Financial Benchmarks India announces the overnight MIBOR on a daily basis and is computed by the Clearing Corporation of India.
The MIBOR rate is based on trade-weighted inter-bank call money transactions on the Negotiated Dealing System’s call platform. Thus, the reference rate is based on the actual traded rates as opposed to polled rates.
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