UK’s benchmark rewrite threatens access to Asia NDF fixings
Key offshore rates likely to fall in new regime’s scope, potentially pushing them out of bounds
Non-deliverable forward (NDF) traders in the UK face the prospect of being locked out of using fixings for popular Asian currencies if they are not made exempt from the country’s version of the EU’s Benchmark Regulation (BMR).
The UK is the only country that has the unreformed version of the BMR in place. HM Treasury has proposed replacing it with its own Specified Authorised Benchmark Regime (SABR), which would regulate only those benchmarks “where there are risks of significant disruption to UK
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