The AFMA Bank Bill Swap (BBSW) Benchmark Rates represent the midpoint of the nationally observed best bid and best offer (NBBO) for AFMA Prime Bank Eligible Securities. BBSW is representative of a traded and transparent market which expressly does not rely on a submissions process, and therefore is a rate which does not rely on any unfounded or unsupported assessment of any individual organisation’s own borrowing costs. BBSW rates cover terms between 1 and 6 months and is calculated at 10am each morning. The purpose of BBSW is to provide independent and transparent reference rates for the pricing and revaluation of Australian dollar derivatives and securities. For more information on BBSW follow this link.

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