Mumbai, Jun 4: The National Stock Exchange (NSE) has announced that it would introduce a 3-day Mumbai Inter Bank Offer Rate (MIBOR) on all Fridays, starting June 6, in addition to the existing overnight rate.
Presently, the exchange computes and disseminates Mumbai Inter Bank Bid Rate and Mumbai Inter Bank Offer Rate for the overnight call rates at 0940 hrs and 14 days, one month and three month term rates at 1130 hrs from Monday to Saturday. A NSE release said after consulting with the foreign exchange dealers and market practices committee, it would introduce the 3-day MIBOR on all Fridays from June 6. If Friday is a holiday, the 3-day MIBID-MIBOR fixing will be for 4 days on Thursday. Also, if Saturday is a holiday, then the overnight MIBID-MIBOR will not be disseminated on Friday.
Besides, from June 7, the overnight MIBID-MIBOR would be polled and disseminated at 1030 hrs instead of 0940 hrs as it is done on weekdays, as the market which is very thin on Saturday, is expected to have better depth by 1030 hrs, the release added.