UK’s benchmark rewrite threatens access to Asia NDF fixings
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Key offshore rates likely to fall in scope of new regime, potentially pushing them out of bounds
Non-deliverable forwards (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.
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 Special Authorised Benchmark Regime (SABR)
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