Three Asian FX fixings threatened by benchmark rules

European regulations would block use of fixings that account for 40% of LCH NDF volumes

The fixings used in Korean won NDFs are in doubt, along with those for the Taiwan dollar and Philippine peso

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, Taiwan dollar and Philippine peso non-deliverable forwards (NDFs) will be authorised. These three

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here