Press Release

Revisions in Adjusted & Modified

MIFOR Methodologies /2021-22
December 17 , 2021

Revisions in the FBIL Modified MIFOR and Adjusted MIFOR Methodology

FBIL had carried out a market consultation vide its Consultation Notice dated August 19, 2021
released on the FBIL website. Based on the outcome of the consultation, FBIL has incorporated
minor revisions in the Modified MIFOR and the Adjusted MIFOR Methodologies as under:

A. Modified MIFOR Methodology:

Description as per the approved Methodology Revisions in the Methodology
Para 6: Para 6:
In case of non-availability of the Adjusted SOFR for a In case of non-availability of the Adjusted SOFR for a
given Rate Record Date due to unforeseen reasons, given Rate Record Date due to unforeseen reasons, the
the Adjusted SOFR of the previous day would be latest available Adjusted SOFR would be repeated.
repeated (subject to the repetition upto 2 business
days).
Publication of FBIL Modified MIFOR Curve: Publication of FBIL Modified MIFOR Curve:
The Re-fix for Modified MIFOR will take place only ifIn case of revision of the SOFR and / or any error
the difference in the revised rate and the published detected by FBIL, the Re-fix for the Modified MIFOR
rate is 5 basis points or more. Curve would be published on the next business day at
around 10:30 IST. Further, the Re-fix for Modified
MIFOR will take place only if the difference in the revised
rate and the published rate is 1 basis point or more.
Publication of FBIL Modified MIFOR Curve: Publication of FBIL Modified MIFOR Curve:
The Modified MIFOR Curve publication time The Modified MIFOR Curve will be published at
will be 45 minutes after the Adjusted SOFR for all around 19:45 IST / 20:45 IST (post US Day Light Saving
tenors is made available by BISL, which is at around period).
19:15 /20.15 IST.
Review: Review: Para 12:
No review clause The Methodology will be reviewed periodically
(preferably annually) to align with any required
modification.
Disclaimer: Disclaimer:
No. Disclaimer Modified MIFOR rates are provided on an “as is” basis
without any warranties of any kind, and FBIL shall not be
liable for any damage or loss which may arise from
reliance on the data obtained from the FBIL website and
other dissemination channels of API and SFTP.

B. Adjusted MIFOR Methodology:

Description as per the approved Methodology Revisions in the Methodology
Para 6: Para 6:
In case of non-availability of the All in Fallback Rate In case of non-availability of the All in Fallback Rate for
for a given Rate Record Date due to a given Rate Record Date due to unforeseen reasons,
unforeseen reasons, the All in Fallback Rate of the the latest available All in Fallback Rate would be
previous day would be repeated (subject to the repeated. However, Forward Premia for the applicable
repetition upto 2 business days). However, Forward Rate Record Day, would be used for computation of FBIL
Premia for the applicable Rate Record Day, would be MIFOR using the repeated All-in-Fallback Rate.
used for computation of FBIL MIFOR using the
repeated All-in-Fallback Rate.
Publication of FBIL Adjusted MIFOR Curve: Publication of FBIL Adjusted MIFOR Curve:
The Re-fix for Adjusted MIFOR will take place only if In case of revision of the SOFR and / or any error
the difference in the revised rate and the published detected by FBIL, the Re-fix for the Adjusted MIFOR
rate is 5 basis points or more. Curve would be published on the next Mumbai Business
Day at around 10:30 A.M. IST. Further, the Re-fix for
Adjusted MIFOR will take place only if the difference in
the revised rate and the published rate is 1 basis point
or more.
Publication of FBIL Adjusted MIFOR Curve: Publication of FBIL Adjusted MIFOR Curve:
The Adjusted MIFOR Curve publication time would be The Modified MIFOR Curve will be published at
45 minute after the All-in Fallback Rate is made around 19:45 IST / 20:45 IST (post US Day Light Saving
available by Bloomberg Index Services Ltd(BISL) which period).
is at around 19:15/20.15 IST.
Review: Review: Para 13:
No review clause The Methodology will be reviewed periodically
(preferably annually) to align with any required
modification.
Disclaimer: Disclaimer:
No. Disclaimer Adjusted MIFOR rates are provided on an “as is” basis
without any warranties of any kind, and FBIL shall not be
liable for any damage or loss which may arise from
reliance on the data obtained from the FBIL website and
other dissemination channels of API and SFTP.
Further, FBIL will continue to calculate and publish the Adjusted MIFOR and the Modified MIFOR
rates in advance using the fallback provision of the approved methodology referencing the latest
available IBOR (Adjusted SOFR/All-in-fallback) rates under those circumstances where the
calculation & publication date coincides with the settlement date because of US holidays, INR
holidays and intervening weekends.

The rate(s) thus published in advance for the corresponding Rate Record Dates of applicable
Tenor(s), will be the final rate(s) and no further rate(s) in that regard will be published on the
Settlement Date on availability of the actual IBOR rate(s) from the BISL.

The above arrangements will be effective from January 17, 2022.

Chief Executive Officer