1. MFT - ACI Hungary

1 Official BUBOR Regulation Effective from 2 May 2016 Regulation of the BUBOR Steering Committee of ACI Hungary , on the fixing procedure of the Budapest Interbank Offered HUF Credit Interest Rate. 1. Introduction As the professional organisation of FX and money market dealers working at domestic credit institutions, ACI Hungary (Hungarian Foreign Exchange Society ( MFT )) considers its main task to provide active professional support for the organisation and development of domestic financial markets. The Budapest Interbank Offered Rate (hereinafter: BUBOR), following its launch in August 1996 (1- and 3-month fixing) and its introduction in May 1997 (6-month fixing) soon became the benchmark interest rate used by banks for lending in forints in the domestic market. BUBOR, the only interbank offered HUF credit interest rate, has provided a sound basis for FX forward - futures deals, and as a reference rate it can also promote the development of the market of derivative deals (FRA, IRS, interest option transactions).

2 Quotation means the interest rate defined by the panel bank on the ‘actual/360’ interest calculation basis during the time interval specified in Section 2 of Annex A, at which rate the active panel bank would provide a business

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