News and Notices

Approval for Operational Rules on TORF Calculation under Article 156-87 (1) of the Financial Instruments and Exchange Act

QUICK Benchmarks Inc.

QUICK Benchmarks Inc. (Head Office: Chuo-ku, Tokyo, President & CEO: Masahiro Sasaki, hereinafter “QBS”) is pleased to announce that we received approval from the Prime Minister on October 26 for its Operational Rules for the benchmark calculation and publication of TORF (Tokyo Term Risk Free Rate)*, as well as relevant rules such as the Code of Conduct and the Calculation Guidelines. QBS will continue to strive to contribute to the sound growth and development of financial and capital markets by keeping the transparency of TORF calculation and the soundness in its operation.
QBS has published on its website the Operational Rules and other rules that have been approved this time, as well as the TORF Overview and other relevant materials.

*TORF is one of the interest benchmarks for the Japanese yen, an alternative to the London Interbank Offered Rate (LIBOR). QBS started to calculate and publish production rates of TORF for actual trading from April 26, 2021.
On April 27, 2021, TORF was designated as a “Specified Financial Benchmark” and QBS was designated as a “Specified Financial Benchmark Administrator” under the Financial Instruments and Exchange Act.

[Relevant rules]
The “Operational Rules Pertaining to Specified Financial Benchmark Administration” pursuant to Article 156-87 (1) of the Financial Instruments and Exchange Act are as follows. The content of each rule, etc. can be accessed from our website. ( The English versions will be published sequentially.

1. TORF Operational Rules
2. TORF Code of Conduct
3. Contingency Plan for TORF Calculation and Publication
4. Conflict of Interest Management Policy of TORF
5. Complaints Consultation Management Rule of TORF
6. TORF Calculation Guidelines

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