King & Wood Mallesons

Asia-Pacific 100 position: 3

The quiet revolution in HKD and CNH interest rate benchmarks: guide to Hong Kong reforms

The Hong Kong banking regulator has imposed new rules that govern how banks submit rates for HIBOR and other benchmark fixings. This alert summarises the Hong Kong benchmark reform package and compares these reforms against those spearheaded by the Wheatley Review in the UK. It also describes the proposed offshore Renminbi benchmark rate that has been proposed.

The fallout from recent rate-fixing scandals has resulted in a global regulatory about-turn to consider how the cloistered process of benchmark fixings takes place.

The International Organization of Securities Commissions (IOSCO) has proposed principles for financial benchmarks and has appointed a special task force that is co-chaired by the previous head of the Securities and Futures Commission, Martin Wheatley…

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