TRYFIXOUTCOME STATEMENT AND CESSATION NOTICE

Release date: 28 November 2022
Document Classification: PUBLIC

An LSEG BusinessTRYFIX outcome statement and cessation notice2Contents
1. Introduction ...............................................................................................................................................................................3
2. Executive summary ..................................................................................................................................................................3
3. Summary of feedback...............................................................................................................................................................3
4. Outcomes ..................................................................................................................................................................................4
Appendix .......................................................................................................................................................................................5

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TRYFIX outcome statement and cessation notice3

1. Introduction
Refinitiv is a leading calculator and administrator of benchmarks and indices.
TRYFIX is an index that measures the Turkish Lira implied interest rate. It is not administered by our FCA regulated entity,Refinitiv Benchmark Services (UK) Limited, and is not subject to UK Benchmark Regulation. The rate is published daily inovernight, 1-month, 3-month, 6-month and 12-month settings and is calculated using input data comprising market data from four
brokers as well as other parameters. Market data is collected from the brokers during the window 11:00:00 to 11:29:59 EET (EastEuropean Time). The last data value received from each broker before the window closes will be used as an input into thecalculation of TRYFIX.
TRYFIX is published on RICs <TRYFIX>, <TRYFIX=>, <TRYFIXON=>, <TRYFIX1M=>, <TRYFIX3M=>, <TRYFIX6M=> and<TRYFIX1Y=> at 11:30 EET on the common trading days of both Turkey and United States.
On 6 September 2022 Refinitiv issued a consultation paper to collect feedback on the proposed cessation of TRYFIX. A summaryof the key points received, and the decisions taken by Refinitiv are in Sections 3 and 4 respectively. Refinitiv is grateful for theresponses received to the public consultation.

2. Executive summary
Calculation and publication of all tenors of TRYFIX will permanently cease immediately following the final publication at
11:30 EET on Friday on 28 April 2023. Users should take into account this cessation notice and ensure their contractual andother arrangements linked to TRYFIX contain appropriate and robust fallback plans or other arrangements to address thecessation.

3. Summary of feedback
Refinitiv received a small number of responses to the 6 September 2022 consultation paper. We believe this may be due tolimited use of the rate.
1.

How widely is TRYFIX used
a. As a reference rate in legacy financial contracts, instruments or funds
b. As a reference rate in new financial contracts or new financial instruments
c. As an input into an index or benchmark
d. Please specify any other use cases

Multiple firms stated they have existing TRYFIX financial contracts. Some firms have as few as one contract whilst others havedozens. The aggregate notional outstanding referencing TRYFIX exceeds $100MM. Shorter maturity contracts are due to mature
prior to the end of April 2023 and the longest maturity contracts are not due to mature until 2028. No respondents to theconsultation paper highlighted use of TRYFIX in new financial contracts or use as an input into another index or benchmark.
2.

What is the impact of TRYFIX cessation on your business?

Respondents stated they would prefer the continued publication of TRYFIX but did not share a viable proposal by which Refinitiv
could reform TRYFIX. One firm highlighted that their contracts have fallback language but noted there could be a risk associatedwith the cessation if their counterparties did not cooperate and accept the replacement rate. Those firms with the greatest
exposure to TRYFIX understand the rationale for ceasing the rate and believe they can manage the transition away from TRYFIX.
Other than one firm highlighting the need for counterparties to cooperate, no respondents identified material negative impacts ofTRYFIX cessation on their business.

TRYFIX outcome statement and cessation notice3.

4

Does the cessation of TRYFIX immediately following publication on 28 April 2023 provide sufficient time for you
to implement suitable fallbacks or other arrangements in your contracts? If not, please provide a detailed
explanation why not and how much additional time is required.

One respondent requested ample notice prior to the cessation of TRYFIX in order that they can complete their necessary
arrangements. They recommended 6-months’ notice prior to the cessation coming into effect.
4.

Following cessation, TRYFIX RICs and pages would display the final published rates for a period of 3-months.
Following this the rates would be removed.
a. Does displaying the final rates on the RICs and pages following cessation cause any issues? If so,please explain why.
b. Does removing the rates 3 months after cessation cause any issues? If so, please explain why.

No respondents expressed any concern with our proposal to display final rates on the RICs and pages for three months following
TRYFIX cessation.

4. Outcomes
Refinitiv believe there is limited use of TRYFIX as few firms responded to the consultation and those who did respond have limited
use of TRYFIX in legacy contracts. Refinitiv acknowledge there was a preference by respondents to continue publishing TRYFIX.
Given the risk associated with data availability after the end of April 2023, the continued publication of TRYFIX would require therate to be reformed. Consultation respondents did not provide any viable proposals by which Refinitiv could reform the rate. Thosefirms with the greatest exposure to TRYFIX understood the rationale for ceasing the rate and believe they can manage thetransition away from TRYFIX.
Refinitiv concludes that cessation of TRYFIX is the most suitable outcome. Calculation and publication of all tenors of TRYFIX,including those listed in the Appendix, will permanently cease immediately following the final publication at 11:30 EET
on 28 April 2023.
Following the final publication, the page <TRYFIX> will display the final published rates and the notice “TRYFIX has now ceased.
Users may want to consider using an alternative rate.” The other RICs will display the final published rates without the notice.
Three months after TRYFIX cessation the RICs and pages shown in the Appendix will be removed from Refinitiv products. Refinitiv
will not publish a fallback for TRYFIX after 28 April 2023.
Neither the 2006 ISDA Definitions nor the 2021 ISDA Interest Rate Derivatives Definitions contain any references to TRYFIX.

TRYFIX outcome statement and cessation notice

Appendix
List of RICs and pages with TRYFIX dataTenor
AllRICs and pages<TRYFIX=><TRYFIX><TRYFIXRECAP01><TRYFIXRECAP02><TRYFIXRECAP03>

Overnight<TRYFIXON=>

1-month<TRYFIX1M=>

3-month<TRYFIX3M=>

6-month<TRYFIX6M=>

12-month<TRYFIX1Y=>

5

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