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

IOSCO APAC Hub webcast on the remaining challenges in benchmarks transition (July 2021)

Guide to Tough Legacy Bonds in Asia-Pacific (jointly published by ICMA and Bloomberg, May 2021)

Tough legacy bonds in Asia Pacific video report presentation (ICMA Members only) from the ICMA/Bloomberg joint virtual event - LIBOR Transition: Tough Legacy Bonds in Asia Pacific on 25 May 2021.
 
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

Master page by Reserve Bank of Australia: Resources and updates on interest rate benchmark reform.

Master page by Australian Securities and Investments Commission: Resources on financial benchmarks.

Master page by Australian Financial Markets Association (AFMA): IBOR transition.

Reserve Bank of Australia: Fallbacks for BBSW Securities (June 2022)

Reserve Bank of Australia: Robust Fallbacks Required for BBSW Securities (September 2021)

Reserve Bank of Australia: Assistant governor’s speech on benchmark reforms (November 2020)
It is announced that the Reserve Bank of Australia will require securities that reference BBSW to include the relevant ISDA fallback provisions in order to be eligible as collateral in their market operations.

Australian Securities and Investments Commission: Regulators release feedback on financial institutions' preparation for LIBOR transition (April 2020)

Australian Securities and Investments Commission: Response to the IBOR Transformation Australian Working Group’s letter requesting guidance on matters associated with IBOR transition (March 2020)
The letter addresses conduct risk in relation to the transition to RFRs and client communications.


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): Circular on Customer Protection in respect of Reform of Interest Rate Benchmarks (October 2020)

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)


India

Reserve Bank of India: LIBOR: The Rise and the Fall, RBI bulletin (November 2020)

Reserve Bank of India: Notification on 'significant benchmarks' (January 2020)

Reserve Bank of India: Release of Financial Benchmark Administrators (Reserve Bank) Directions, 2019 (June 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)

Bank of Japan and Japan Financial Services Agency: Review of JPY LIBOR Transition and Future Initiatives (May 2022)

Japan Financial Services Agency and Bank of Japan: Statement on the use of synthetic yen LIBOR in response to the Final Report on the Results of the Public Consultation on the Treatment of Tough Legacy Contracts in Japan published by the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks (November 2021)

Japan Financial Services Agency and Bank of Japan: Results of the Brief Survey on the Use of JPY LIBOR (November 2021)

Bank of Japan: Release of "Public Consultation on the Treatment of Tough Legacy Contracts in Japan" (the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks) (September 2021)

Bank of Japan: Financial System Report (October 2020), pages 68-69 on interest rate benchmark reform in Japan.

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)


Malaysia

Bank Negara Malaysia: Financial Benchmark Reform – the Malaysia Overnight Rate (MYOR) (September 2021)


New Zealand
 
New Zealand Financial Markets Association: Announcement that it will calculate and publish an OCR Compound Index from 1 December 2020 (November 2020)

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
 
Association of Banks in Singapore and the Steering Committee for SOR Transition to SORA: SORA – A Guide for Corporates and SMEs (November 2020)

The Steering Committee for SOR Transition to SORA (SC-STS): Industry timeline announced to cease issuance of SOR-linked financial products and market guidance to support transition to SORA (October 2020)
Key timelines:

  • By end-April 2021, all lenders and borrowers to cease issuance of SOR-linked loans and securities that mature after end-2021;
  • To support this, all Domestic Systemically Important Banks (D-SIBs) should be ready to offer a full-suite of SORA-based products to their customers by end-February 2021; all non-DSIB banks should be ready to offer new SORA-based products by end-April 2021;
  • By end-September 2021, all banks to have substantially reduced gross exposures to SOR derivatives, including centrally cleared interbank transactions.

Market guides:

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

Financial Services Commission: FSC To Implement New Regulatory Regime for Financial Benchmarks (November 2020)
The FSC enacted an enforcement decree and a supervisory regulation to provide details for the management of financial benchmarks as the Financial Benchmark Act will go into effect on November 27, 2020.

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


Taiwan
 
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: Joint announcement by the Steering Committee on Commercial Banks’ Preparedness for LIBOR Cessation (the Committee) and BOT (November 2020)
Starting from 1 July 2021 onwards all financial institutions will stop offering new loans and debt securities (including structured notes) which reference THBFIX. New financial products may reference the Thai Overnight Repurchase Rate (THOR) which the Committee and the BOT have developed as an alternative reference rate for THBFIX. When THBFIX is discontinued, the BOT will publish Fallback Rate (THBFIX) to be used for THBFIX legacy contracts. The Fallback Rate (THBFIX) is expected to be published only temporarily until end-2024.

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).

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