Three Asian FX fixings threatened by benchmark rules

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

Chris Davis
28 May 2018

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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

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