Craig McIvor

Prior to Global Rate Set Systems Craig was Managing Director, Corporate Management Advice (providing strategic advice to Associations such as AFMA, NZFMA, ASF and ACI); CEO of ASX listed Online Trading System; Executive Director, Australian Associated Press (1995 – 2000) and Australian Manager, AAP Reuters (1990 – 1995).

Craig has a long association with creating industry-wide rate set solutions and obtaining market consensus to create and implement the resulting software solutions. He has worked closely with the Australian Financial Markets Association for over twenty years and has been instrumental in the development of reference rate data for the Australian Financial markets.

He worked closely with the NZFMA in the development of the NZ data system which collects and distributes rate set data globally. He has designed the GRSS systems specifically to allow value to be released from other OTC market Associations around the world.

Formed in 2009, Global Rate Set Systems Ltd (GRSS) is a New Zealand based company that provides Calculation agent services to peak Industry bodies that administer key financial benchmarks. GRSS was recently appointed as the Calculating Agent for the critical benchmarks of Euribor and Eurepo. It also provides systems and capability to the European Central Bank for the daily creation and publication of the Eonia benchmark.

With the introduction of the single currency (euro) across Europe in 1999, European banks considered it necessary to create a new inter-bank reference rate within the European Monetary Union. As such, Euribor (Euro Inter-bank Offered Rate) was created and this new reference rate soon became the benchmark for short fixed-term inter-bank deposits within the eurozone, replacing, in the process, the national inter-bank rates. This makes Euribor one of the most important financial benchmarks in the world, in terms of money referenced against it, not only within the inter-bank market, but also for an increasing number of derivative instruments, both exchange traded and over-the-counter (OTC). (Source: ICE)


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