• publish

Benchmarks overview

ASX operates at the heart of Australia’s financial markets and is a core part of the interest rate complex – administering and calculating interest rate benchmarks.

About benchmark administration

ASX is responsible for the calculation, publication and oversight of a number of Australian benchmark rates, including two significant financial benchmarks:

  • BBSW, calculated by ASX Benchmarks; and
  • Bond futures expiry price, calculated by ASX Clear Futures.

ASX also administers End of Day Bank Accepted Bills (EOD BABs) and ASX Realised AONIA – providing issuers, investors, borrowers and lenders with the flexibility to choose the right reference rate for each transaction.

ASX employs sophisticated validation, calculation and oversight functions to ensure subscribers to ASX Benchmarks can use the rates with confidence. ASX Benchmarks bring integrity, transparency and clarity to decision making.

ASX Benchmarks is a licenced administrator under the Corporations Act. BBSW is included on ESMA’s register for third country benchmarks and can be used in the European Union. 

Secured Overnight Funding Index Australia (SOFIA) Beta Version

"The Secured Overnight Funding Index Australia (SOFIA™), seeks to measure overnight General Collateral funding in Australian dollars using transactions in Commonwealth and Semi government bonds, Treasury notes and Commonwealth and State Government Indexed Bonds. 

The SOFIA™ BETA version will be published for a period of 6 months with the rates updated, weekly in arrears. The rates will be made available by midday Monday, and will include both the calculated rate and the associated eligible volume for each day over the defined period.

The results of the SOFIA BETA rate calculations can be found here.

The Draft Methodology document for SOFIA can be found here.

ASX Benchmarks invites feedback on the DRAFT methodology and performance of the BETA version SOFIA™."

IOSCO Principles for Financial Benchmarks

 ASX Benchmarks has been the administrator of BBSW since January 2017. As administrator, ASX Benchmarks seeks to adhere to international best practice defined in the IOSCO Principles for Financial Benchmarks. In accordance with Chapter 1. Introduction of the Principles, ASX Benchmarks has published its compliance with the IOSCO Principles for Financial Benchmarks.

ASX BBSW Compliance with IOSCO Priciples for Financial Benchmarks 2022

Benchmark regulation

Effective from 1st July 2019, ASX Benchmarks was granted an Australian Benchmark Administrator Licence (ABAL) by ASIC to administer BBSW. ASX Benchmarks is licenced under the Corporations Act and is subject to the ASIC Financial Benchmark (Administration) Rules 2018. 

In September 2018, ASIC issued an instrument exempting ASX Clear (Futures) from the requirement to hold a benchmark licence in respect of the ASX Bond Futures Expiry Settlement Price. 

On 29th July 2019, the European Commission recognised Australia's legal and supervisory framework applicable to the administrators of certain financial benchmarks as equivalent to the requirements under EU Benchmarks Regulation (EU BMR). This allows BBSW to be used in the European Union. 

ESMA questions and answers on the Benchmarks Regulation

Benchmark conventions and calculation methodologies

ASX Benchmarks are governed and calculated in accordance with IOSCO Principles for financial benchmarks. The conventions and calculation methodologies have been designed in collaboration with regulators and market practitioners to ensure they are robust and relevant.

ASX Benchmarks are formed using a combination of transaction data and live executable prices.

Read more

ASX Realised AONIA

A valuable alternative for securities and transactions requiring a (near) risk free reference rate. ASX Realised AONIA is based on a compounded average of the RBA’s Interbank Overnight Cash Rate, also known as AONIA. AONIA is calculated and published by the Reserve Bank of Australia each day and represents the weighted average interest rate at which banks are willing to borrow and lend unsecured cash on an overnight basis. AONIA is a risk free or close to risk free rate.

ASX Realised AONIA rates are published each day via email and vendor pages (Refinitiv and Bloomberg).

Read more

BBSW Trade Reporting Guidelines

ASX’s guidelines outline the obligations that apply to all Market Participants that trade Prime Bank Paper, for the purpose of ensuring the integrity of BBSW.

Read more
Subscriptions & Fees

Find out more about a subscription to access real-time and historical benchmark data for BBSW, EODBABs and ASX Realised AONIA 

Read more
Dispute a benchmark rate

Complaints or disputes relating to benchmark methodology, administration decisions or determination can be directed through our complaints management processes.

Read more