FMDQ aims to ensure NIBOR has three (3) major attributes – credibility, confidence and integrity, by bringing together strong regulatory and governance framework. To this end, FMDQ has established governance steps around the NIBOR submission process by using a new Secure File Transfer Protocol
(“SFTP”) service for Reference Banks’ daily submissions of NIBOR. FMDQ will also implement a new post-publication surveillance system; designed and tested to assess the credibility of NIBOR submissions and rates.
Furthermore, FMDQ has articulated and implemented requisite policies and framework addressing internal controls, information security and governance of the NIBOR to ensure the benchmark is in full compliance with the IOSCO principles.

Finally, FMDQ will subject the entire NIBOR process to regular external audits, and the resultant audit reports will be published, in line with the IOSCO principles.