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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