The TMA is now consulting on technical refinements to the HONIA, the proposed alternative reference rate to the HIBOR.
Key Points:
..In July 2014, the FSB issued recommendations on reforming interest rate benchmarks, following cases of market manipulation and other misconduct that damaged confidence in the integrity of IBORs, the interest rates at which banks lend to and borrow from one another.
..The FSB recommended its members strengthen IBORs and identify near risk-free rates as ARRs to IBORs.
..The TMA is now consulting on technical refinements to the HONIA, the reference rate that has been chosen as the ARR to the HIBOR.
Please see full publication below for more information.