Domestic & Global Interest Rate Benchmark Developments
Fall-back Benchmark Consultation
The New Zealand Financial Markets Association are consulting on a fall-back benchmark interest rate for BKBM. A fall-back benchmark interest rate is required to comply with the IOSCO Principles for Financial Benchmarks and ensure that BKBM will meet European Union Benchmark Regulation (EU BMR) equivalence from January 2020. This will ensure that the current benchmark, BKBM, remains fit for purpose, can be used by European supervised entities post 2020, and the necessary structures are in place should BKBM cease to exist at some point in the future.
Formal submissions have now closed, but NZFMA welcomes any additional comments or feedback to John Groom, Director Operations and Compliance - firstname.lastname@example.org.