On 27 September 2013, AFMA migrated to a new calculation methodology for BBSW. On a daily basis AFMA extracts all bids and offers from the broker and electronic trading platforms and calculates a ‘national best bid offer rate’ (NBBO) for Prime Bank Paper. Commencing 18 October 2013 Yieldbroker will participate in the BBSW benchmark rate set process as an Approved Venue, having met all relevant criteria and approved by the Market Governance Committee. Yieldbroker is a co-operative venture with ownership shared equally between leading banking participants in the Australian and New Zealand debt markets.