29 May 2017
Book a meeting today

Hong Kong to review interbank rate setting in wake of Libor rigging scandal

26 November 2012  |  1256 views  |  0 Source: KKAB

The Hong Kong Association of Banks (HKAB) today announced that it has received a report on the Review of the HKD Interest Settlement Rate (HIBOR) submitted by the Treasury Markets Association (TMA).

The HKAB welcomes the release of the report and will study it in detail over the coming weeks.

In light of recent developments in the international markets including various rate-setting reviews in other markets, in July this year the HKAB initiated a comprehensive review of HIBOR's rate-setting mechanism and governance process. Accordingly, the HKAB set up a Market Standard Committee to lead the review process and commissioned the TMA to undertake the review and make recommendations as appropriate in the context of the Hong Kong market.

Anita Fung, Chairperson of the HKAB, said: "The HKAB is pleased with the progress of the review. We took a proactive approach to conduct the review to ensure that the HIBOR system continues to work effectively with respect to changes in the industry's environment, to ensure rate setting reflects market conditions and to enhance the governance for the fixing regime."

The HKAB has engaged an independent consultant firm to conduct a wider consultation with industry. The HKAB will consolidate industry views and submit them to the Hong Kong Monetary Authority in due course.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit www.capgemini.com/worldreportsDownload the paper now

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
14976 views comments | 54 tweets | 82 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
8358 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7934 views comments | 17 tweets | 16 linkedin
Digital payments to drive social justiceDigital payments to drive social justice
7827 views comments | 25 tweets | 12 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
7746 views comments | 13 tweets | 22 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job