ICMA has been engaging with regulators and members on the global issue of benchmark reform for several years. Information on ICMA’s activities and links to official sector and other information and materials are available on the ICMA Benchmark reform and transition to risk-free rates webpage.

This webpage provides links to official sector materials and other information in respect of benchmark-related developments in selected Asia-Pacific markets.


Regional
 
IBOR Transition Guide for Asia (jointly published by ICMA, APLMA, ASIFMA, and ISDA, July 2020)

Executives' Meeting of East Asia Pacific Central Banks (EMEAP): Study on the Implications of Financial Benchmark Reforms (September 2019).

 
Australia

ASIC: Regulators release feedback on financial institutions' preparation for LIBOR transition (April 2020).
 
Reserve Bank of Australia: Resources and updates on interest rate benchmark reform.
 
Australian Securities and Investments Commission: Resources on financial benchmarks.
 
Australian Financial Markets Association (AFMA): Developments regarding benchmarks relating to IBOR transition.


China

People’s Bank of China: White Paper on Participating in International Benchmark Interest Rate Reform and Improving China’s Benchmark Interest Rate System (August 2020)


Hong Kong

Hong Kong Monetary Authority (HKMA): The Basel Framework: FAQs on benchmark rate reforms (July 2020)
 
Hong Kong Monetary Authority (HKMA): Circular on Reform of Interest Rate Benchmarks with Annex 1 Results of Survey on Reform of Interest Rate Benchmarks for Q2 2020 and Annex 2 Latest Developments in relation to Benchmark Reform (July 2020)

Hong Kong Monetary Authority (HKMA): Circular on Reform of Interest Rate Benchmarks (April 2020)

Hong Kong Monetary Authority (HKMA): Results of Survey on Reform of Interest Rate Benchmarks for Q4 2019 and Latest Developments in Benchmark Reform and Transition to Alternative Reference Rates (April 2020)

Hong Kong Treasury Markets Association (TMA): Technical refinements to the HKD Overnight Index Average (HONIA) (December 2019).

Hong Kong Monetary Authority (HKMA): Letter Regarding Transition to New Reference Rates (October 2019).
 
Hong Kong Monetary Authority (HKMA): Circular regarding preparations for the transition associated with interest rate benchmark reform (March 2019).


Japan

Master page by Bank of Japan: Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

Master page by Japan Financial Services Agency: Resources and updates on preparation for permanent cessation of LIBOR

JPY Risk-Free Rate - Uncollateralized Overnight Call Rate (Tokyo Overnight Average rate: TONA): Data (updated every business day)

Term Reference Rates (Prototype Rates) - Tokyo Term Risk Free Rate (TORF): Data (published daily from 9 October 2020)

Bank of Japan: Financial Institutions' Preparedness for LIBOR Cessation and Future Actions with a Focus on the Results of the Joint Survey by the Financial Services Agency and the Bank of Japan (August 2020)
 
Bank of Japan: Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks Minutes for the July 16, 2020 Meeting (August 2020)

Bank of Japan: The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks released a second public consultation on interest rate benchmark reform (August 2020).

Bank of Japan: Dear CEO letter setting out a series of required actions and submissions (with associated timings) required of financial institutions, given that LIBOR will be ceased permanently at the end of 2021 (June 2020).

Bank of Japan: Calculation and Publication of Prototype Rates for Term Reference Rates (Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks) (May 2020).

Japan Financial Services Agency and Bank of Japan: Summary of survey results on the use of LIBOR and main action needed (March 2020).

Bank of Japan: Interest Rate Benchmark Reform in Japan (January 2020).
 
Bank of Japan: Final Report on the Results of the Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks (November 2019).


New Zealand
 
Reserve Bank of New Zealand: Support for the selection of the Official Cash Rate (OCR) as New Zealand’s fall-back benchmark interest rate (January 2020).


Singapore

Master page by Monetary Authority of Singapore: SORA Interest Rate Benchmark

Master page by the Association of Banks in Singapore: SOR to SORA
 
The Steering Committee for SOR Transition to SORA: Transition Roadmap updated in September 2020
 
Monetary Authority of Singapore: "Act Now to Transition to SORA" - Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director (Markets & Development) (September 2020)
 
Monetary Authority of Singapore: Announcement of key initiatives to support SORA adoption (August 2020)
 
Association of Banks in Singapore, Singapore Foreign Exchange Market Committee and the Steering Committee for SOR Transition to SORA: Joint Industry Consultation on the SIBOR Reform and a Shift to a SORA-centered SGD Interest Rate Market (July 2020)
 
Association of Banks in Singapore and the Steering Committee for SOR Transition to SORA: Singapore’s progress in preparing for the SOR to SORA transition (June 2020)

Monetary Authority of Singapore and ESMA: ESMA and MAS sign MOU on Singapore’s financial benchmarks (April 2020).

Association of Banks in Singapore and the Steering Committee for SOR Transition to SORA: Response to feedback received on proposed Roadmap for Transition from SOR to SORA (March 2020).

Association of Banks in Singapore and the Steering Committee for SOR Transition to SORA: Key priorities to achieve smooth transition to SORA (March 2020).
 
Monetary Authority of Singapore (MAS): Interest Rate Benchmark Transition from SGD Swap Offer Rate (SOR) to Singapore Overnight Rate Average (SORA) (August 2019).
 
Association of Banks of Singapore: Roadmap for transition of interest rate benchmarks from SOR to SORA (August 2019).


South Korea

Bank of Korea: Letter to private financial institutions encouraging action ahead of discontinuation of LIBOR in 2022 (May 2020)


Taiwan, province of China
 
Central Bank of Taiwan: Notice to financial instutions in relation to transition from LIBOR (February 2020, Chinese language only).
 
Financial Supervisory Commission: Notice to financial instutions in relation to transition from LIBOR (February 2020, Chinese language only).


Thailand

Master page by the Bank of Thailand: Thai Reference Rate and LIBOR Transition

Bank of Thailand: Consultation on Adjusted THBFIX in the event of LIBOR cessation (closed March 2020).

Bank of Thailand: Update on Impacts of Benchmark Reform on Thai Institutions (October 2019).




Contact

For further queries or suggestions, please contact the ICMA Regulatory Helpdesk (ICMA members only).
ICMA Zurich

T: +41 44 363 4222
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ICMA London

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75008 Paris
ICMA Hong Kong

T: +852 2531 6592
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89 Queensway, Admiralty
Hong Kong
 
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