Press release on the launch of the HUFONIA Swap Index

From 18 October 2010 the MNB will introduce the daily official publication of overnight indexed swap (OIS) quotes (HUFONIA Swap Index). The index, operated jointly by the MNB and the Hungarian Forex Association, is based on quotes by 12 banks and may contribute to the launch and development of the HUF OIS market.

OIS quotes will range from one-week to one-year maturity and refer to a total of eight different maturities. Bid and ask quotes will be published at 11.30 a.m. on working days on Reuters, Bloomberg screens (HUFONIAINDEX and NBH18) and on the MNB’s website.

The underlying product of the OIS quotes is the HUFONIA (Hungarian Forint Overnight Index Average), the weighted average rate of unsecured forint overnight transactions in the interbank market, derived from daily reports by credit institutions. HUFONIA is also published daily by the MNB. The link below contains a detailed definition of the HUFONIA:

HUFONIA

Wider use in the domestic market of derivative transactions based on expected future movements in overnight interbank rates may help market participants manage their interest rate risk more efficiently and define realistic levels of short-term (i.e. below one year) interbank rates.

Magyar Nemzeti Bank

Vissza a tetejére

The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.