HKMA and RBA voice fears over Iosco benchmark proposals

Responses to Iosco's Principles for Financial Benchmarks reveal concerns that many markets will not be able to support transactions-based rates; RBA questions 'lexicographic hierarchy'


The Hong Kong Monetary Authority (HKMA) and the Reserve Bank of Australia (RBA) have both raised concerns over a consultation paper published by the International Organization of Securities Commissions (Iosco), aiming to clean up the governance of scandal-hit benchmark rates such as Libor and Euribor.

The Principles for Financial Benchmarks, a consultation paper published by Iosco in April, set out nine principles seeking to make benchmarks a more reliable indicator of actual market conditions

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