WIBID & WIBOR > Reports on data revision
Reports on data revision

In order to support transparency of provision and determination the WIBID and WIBOR Reference Rates, the Administrator presents aggregated information about the impact of the revisions of errors identified in the Input Data provided by Fixing Participants and used to determine the WIBID and WIBOR Reference Rates both in the form of Model Quotes and Committed Quotes.

In order to calculate the impact of revisions in the Input Data, the actual Input Data is replaced with the hypothetical Input Data resulting from the revisions in Model Quotes or Committed Quotes, and the hypothetical value of the Reference Rates is determined for each Fixing Day during the period of analysis. The recalculated Reference Rates are then compared to the actual and applicable Reference Rates. The data summary considers those cases in which the revised value of the Reference Rates would be determined, i.e. when the value of the recalculated Reference Rate differs from the published value by at least 1 basis point

Information on data revisions will be incremental, i.e. it will take into account the impact of corrections in the Input Data provided in subsequent quarters of a given calendar year.

The above revisions may be due to the following reasons:

  • Committed Quotes correction
    The Fixing Participant provided erroneous Committed Quotes due to an error recorded, in the components of the Committed Quote or as a result of a human error related to providing an incorrect value of the Quote to the Administrator.
  • Model Quotes correction
    The Fixing Participant provided erroneous Model Quotes due to Fixing Participant's failure to include full and correct transaction set in the process of determining of these Quotes (due to, for example, late or incorrect entry of transaction data into the relevant internal system) or from failure to provide these Quotes to the Administrator before Fixing Time for the given Fixing Tenor.
  • Administrator system failure or other operational factors
    Failure of the administrator's system or extraordinary operational factors that affected the result of the calculation of the Reference Rates.

The results of the comparison are presented in the following documents:

Below there is a document published on 23rd February 2023 regarding the impact of revisions in Input Data on WIBID and WIBOR Reference Rates.