Danish Financial Benchmark Facility

The Danish Financial Benchmark Facility (DFBF) is an independent benchmark administrator established to administer Denmark's key financial reference rates: CIBOR®, Tom/Next, CITA and SWAP. Its primary purpose is to provide a best-practice governance environment for the production of the Danish benchmarks under the European Benchmarks Regulation (BMR). DFBF is an authorised benchmark administrator and assumed responsibility for all aspects of the benchmarks' provision under BMR on 1 January 2020. On 15 May 2019, Finance Denmark announced that it had reached an agreement to transfer the administration of the key reference rates CIBOR®, Tom/Next, CITA and SWAP to the Danish Financial Benchmark Facility ApS (DFBF). The DFBF formally took over the administration of the Danish benchmarks on 1 October 2019 and has since then been responsible for the provision of the benchmarks, including the calculation and publication of the benchmarks and the licensing of benchmark data to end users such as distributors, exchanges and clearing houses. DFBF is a subsidiary of Global Rate Set Systems (GRSS), a company specialising in benchmark administration, calculating agent and benchmark licensing services. GRSS and its subsidiaries are involved in a number of benchmarks, providing calculating agent and licensing services to the administrators of EURIBOR (euro zone), NIBOR (Norway) and STIBOR (Sweden). The GRSS subsidiaries undertake the administration of the Danish benchmarks and PRIBOR (Czech Republic), in addition to a number of benchmarks in Chile. DFBF operates under the supervision of the Danish Financial Supervisory Authority (Finanstilsynet) and maintains an Oversight Committee. Its benchmarks have been recognised as significant under the EU Benchmarks Regulation: CIBOR was notified as a significant benchmark under Article 24(2), and CITA was designated as a significant benchmark under Article 24(7). In December 2021 DFBF announced a cessation plan under which publication of the Tomnext benchmark will be discontinued on 1 January 2026, alongside the implementation of Sequence 2 of the CITA reform. In 2025 Euronext announced an agreement to acquire Global Rate Set Systems, DFBF's parent, to strengthen its index franchise.

The Danish Financial Benchmark Facility (DFBF) was created as part of a reform of Danish financial benchmarks in response to the European Benchmarks Regulation (BMR). On 15 May 2019, Finance Denmark announced that it had reached an agreement to transfer the administration of the key reference rates CIBOR®, Tom/Next, CITA and SWAP to the Danish Financial Benchmark Facility ApS (DFBF). The DFBF formally took over the administration of the Danish benchmarks on 1 October 2019 and has since then been responsible for the provision of the benchmarks, including the calculation and publication of the benchmarks and the licensing of the benchmark data to end users such as distributors, exchanges and clearing houses. DFBF is an authorised benchmark administrator and assumed responsibility for all aspects of the benchmarks' provision under BMR on 1 January 2020. Its primary purpose is to provide a best-practice governance environment for the production of the Danish benchmarks under the European Benchmarks Regulation. DFBF is a subsidiary of Global Rate Set Systems (GRSS), a company that specialises in benchmark administration, calculating agent and benchmark licensing services. GRSS and its subsidiaries are involved in a number of benchmarks as the group provides calculating agent and licensing services to the administrators of EURIBOR (euro zone), NIBOR (Norway) and STIBOR (Sweden). The GRSS subsidiaries undertake the administration of the Danish benchmarks and PRIBOR (Czech Republic), in addition to a number of benchmarks in Chile. DFBF maintains an Oversight Committee and operates under the supervision of the Danish Financial Supervisory Authority. Its benchmarks have been recognised as significant under the EU Benchmarks Regulation: CIBOR was notified as a significant benchmark under Article 24(2), and CITA was designated as a significant benchmark under Article 24(7). In December 2021 DFBF announced a cessation plan under which publication of the Tomnext benchmark will be discontinued on 1 January 2026, alongside the implementation of Sequence 2 of the CITA reform. In 2025 Euronext announced an agreement to acquire Global Rate Set Systems, DFBF's parent, to strengthen its index franchise.

• Finance Denmark announced an agreement to transfer administration of CIBOR®, Tom/Next, CITA and SWAP to the Danish Financial Benchmark Facility ApS (DFBF).

• DFBF formally took over administration of the Danish benchmarks.

• DFBF, as an authorised benchmark administrator, assumed responsibility for all aspects of the benchmarks' provision under BMR.

• DFBF announced a cessation plan for the Tomnext benchmark and the CITA reform.

• CIBOR notified as a significant benchmark under Article 24(2) of the Benchmark Regulation.

• CITA designated as a significant benchmark under Article 24(7) of the Benchmarks Regulation.

• Euronext announced an agreement to acquire Global Rate Set Systems, DFBF's parent, to strengthen its index franchise.

• Scheduled discontinuation of the Tomnext benchmark and implementation of Sequence 2 of the CITA reform.

Independent, BMR-authorised benchmark administrator providing best-practice governance for Danish financial benchmarks.

• CIBOR®

  Copenhagen Interbank Offered Rate, a key Danish reference rate administered by DFBF.

• Tom/Next

  A Danish benchmark administered by DFBF; publication is scheduled to be discontinued on 1 January 2026.

• CITA

  A Danish benchmark administered by DFBF, designated as a significant benchmark under Article 24(7) of the EU Benchmarks Regulation.

• SWAP

  A Danish swap benchmark administered by DFBF.

1. 1Home - DFBFdfbf.dk
2. 2About DFBF - DFBFdfbf.dk
3. 3Danish Financial Benchmark Facility - Wikidatawikidata.org