(see in English below)Os indexantes de taxas de juro, ou as taxas de referência do mercado monetário inter-bancário, são um instrumento essencial para um mercado financeiro eficiente, pois permitem a contratação de financiamentos a longo prazo com base em taxas de juro de curto prazo renovadas automaticamente.
Para isso, o indexante tem que ser considerado credível por todos os participantes do mercado, tanto os investidores como os emitentes de obrigações de taxa variável.
Em 1992, com um mercado financeiro pequeno e ainda incipiente, havia em Portugal vários indexantes, TRO, DP's, APB, BTs, ..., cada um menos fiável que o anterior. Por isso, foi criada a LISBOR, a Lisbon Interbank Offered Rate que prometia cumprir os requisitos de um bom indexante, sendo
- uma taxa efectuada ou firme, (vinculativa), não meramente indicativa
- representativa de um mercado com numerosos participantes, sem monopolista nem monopsonista
- com prazos e riscos homogéneos e previsíveis, e
- conveniente para a maioria dos investidores e emitentes.
As recentes notícias sobre as irregularidades na formação da taxa de juros LIBOR (rate-rigging scandal) demonstram como é importante aplicar e respeitar sempre estes bons princípios, mesmo nos mercados financeiros ditos mais sofisticados como o de Londres e nas taxas de referências mais utilizadas em todo o mundo.
Fonte: Mariana Abrantes de Sousa, 1992, Lisbor, Indexante para Nova Era, Revista Valor https://dl.dropbox.com/u/13583205/Abrantes%201992%20Lisbor%20Indexante%20para%20Nova%20Era%20Revista%20Valor.pdf
e Euribor menos representativos das taxas inter-bancárias
The base interest rates, the reference or inter-bank money market rates, are an essential tool for an efficient financial market as they allow the contracting of long-term loans and bonds based on short-term interest rates reset automatically each 90 or 180 days.
The base interest rate in a given market has to be considered credible and reliable by all market participants, both investors and issuers of floating rate bonds, lenders and borrowers
In 1992, with a small and incipient financial market, Portugal had several interest rate benchmarks, TRO, DP's, APB, BTs, ..., each less reliable than the other. The creation of LISBOR - he Lisbon Interbank Offered Rate - promised to fulfill the requirements of a good reference interest rate, namely
- a transacted rate, or firm (binding), not merely indicative
- representative of a market with many participants and without any monopolist or monopsonist
- with homogeneous and predictable tenors and risks, and
- convenient for most investors and issuers.
At that time, an article published in Revista Valor identified as the underlying model of Escudo interest rates, the rated charged by banks on "cristal" loans (RUF-revolving underwriting facility) to top rated corporate borrowers, since they were determined at auction by a tender panel, each 90 or 180 days. The article cited above also referred the need to ensure the credibility and reliability of LISBOR: "to set a new benchmark, it would be necessary to create mechanisms for self-regulation of the market in order to minimize the risk of distortion and manipulation." As the Escudo was replaced by the Euro, LISBOR was replaced by EURIBOR.
Recent reports of the irregularities in the formation of the LIBOR interest rate (rate-rigging scandal) show how important it is to apply and respect these good market governance principles, even in the most so-called sophisticated financial markets such as London and for the mostly widely used references rates.
Most emerging markets could benefit from this LISBOR model in order to facilitate long term local currency lending.
Mariana ABRANTES de Sousa
PPP Lusofonia
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