This pre-tender questionnaire (PTQ) sets out information which is required by the Committee in order to provide a preliminary assessment of the suitability of the potential bidders for LIBOR administration.
Following the principles set out in the Wheatley Review, the government has announced the launch of the tendering process to recommend the appointment of a new LIBOR administrator. The tendering process will be led by the Hogg Tendering Advisory Committee for LIBOR (the Committee), chaired by Baroness Hogg.
The Committee will recommend an organisation that demonstrates an ability to administer LIBOR in such a way that credibility is fully restored to LIBOR. It will ensure an open and competitive tendering process is undertaken and will recommend the new administrator of LIBOR to the British Bankers Association (BBA).
Purpose of this pre-tender questionnaire (PTQ)
This PTQ sets out information which is required by the Committee in order to provide a preliminary assessment of the suitability of the potential bidders for LIBOR administration – referred to from here on as Interested Parties (“IP”).
Further, more detailed requirements will be defined during a period of pre-tender engagement with IPs, and will be set out in an Invitation to Tender (ITT) document to be published in due course. If you would like further information on the tender process, please email the Committee Secretariat: advisorycommitteeforLIBOR@hmtreasury.gsi.gov.uk
Completion of this PTQ is a mandatory step for any IP wishing to be considered for the Invitation to Tender stage and eventual LIBOR administration.
IPs must adhere to the format of this PTQ when answering the questions. Where questions cannot be answered fully, please provide relevant explanations and details. The Committee reserves the right to inspect and verify any supporting documents that you refer to or draw upon in your response. You should make these documents available upon request. Additionally, you may be called upon to clarify answers or provide further details. The Committee also reserves the right to share information submitted in this questionnaire, as necessary, with the authorities, including the Financial Services Authority (FSA), and its successor, the Financial Conduct Authority (FCA).
Where a tender on the part of a consortium or joint venture of any kind is contemplated, this form must be completed in respect of each and every member of that consortium or joint venture. If the composition of the consortium changes then any new proposed consortium members must complete a PTQ. Once the response is submitted to the ITT it will not be possible to add or substitute consortium members to a consortium’s ITT response.
Where a new company joint owned by members of the consortium or joint venture is being proposed as the administrator, the proposed ownership percentages of the new company as amongst the members of the consortium or joint venture must be specified.
Where a tender contemplates any form of sub-contracting or outsourcing arrangements, the PTQ must be completed in respect of each and every sub-contractor or outsource party in addition to the response on the part of the ‘prime’ tendering party with whom ultimate responsibility for the sound administration of LIBOR will remain. If additional sub-contractors are proposed then any new proposed sub-contractor must complete a PTQ. Once the response is submitted to the ITT it will not be possible to add or substitute sub-contractors to an ITT response.
Failure to fully complete the PTQ as described above will result in the IP being disqualified and assessed as not being eligible to participate in the ITT stage.
This PTQ exercise closed on Friday 22 March 2013. The Committee Secretariat will contact applicants who have passed the preliminary assessment and are invited to participate in the ITT stage.