ThinkMarkets, a premium, multi-asset, online brokerage, yesterday announced that it will change the interbank benchmark rate used to calculate overnight interest as of 13 December 2021.
This is due to a number of current Interbank Offered Rates ceasing to exist, including London Interbank Offered Rate (LIBOR).
ThinkMarkets will be replacing the current LIBOR benchmark with new benchmarks shown below. Any overnight interest calculations will be based on the new benchmark rates with spread adjustments and an administration fee applied as of 13 December 2021.
The broker does not expect any significant change to the overnight holding costs regardless of if a trader is long or short. It does encourage traders to do their own independent research.
In early September, ThinkMarkets launched its institutional business with a new platform called Liquidity.net, which marked a foray into multi-asset liquidity provision. Additionally, the broker informed its clients of stopping further support for older versions of MT4 platform builds in the same month.