Three Asian FX fixings threatened by benchmark rules
European regulations would block use of fixings that account for 40% of LCH NDF volumes
Banks fear three popular Asian foreign exchange rates will fall foul of new benchmark rules, meaning new derivatives products will be unable to reference them after 2020.
The European Union’s Benchmark Regulation (BMR) prohibits EU-supervised firms from using non-authorised indexes and benchmarks after January 1, 2020. There are growing doubts among banks that the fixings used in Korean won
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