New principles for Nowa - possible implications
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On 1 January 2020, Norges Bank will become the administrator of the Norwegian Overnight Weighted Average (Nowa). In that connection, Norges Bank has adopted new principles for calculating and publishing Nowa.The new principles for calculation entail some changes in the definition and data of Nowa. At the same time, there are new minimum requirements for data and a new calculation method on days with insufficient data. In this paper, we shed light on how the changes may potentially affect volume, level and volatility of Nowa.