FMDQ has established a NIBOR Code of Conduct which has been executed by each Reference Bank.

The NIBOR Code of Conduct guides the behaviour of the Reference Banks. It formalises a proper governance process, with the Reference Banks committing, in writing, to adhere to its content.
The NIBOR Code of Conduct states the responsibilities assigned to the relevant administrator and the Reference Bank, with respect to the NIBOR determination process; the eligibility criteria for the inclusion and exclusion of Reference Banks to the panel of contributors; the processes to determine benchmark rates; which bid and offer rates will be submitted; minimum compliance; internal audit;
data archiving and staff training requirements.