ASX to administer BBSW rate benchmark
As of 1 January 2017, the ASX took over from AFMA as the administrator of the Bank Bill Swap benchmark rate (BBSW). BBSW is the primary short-term rate used in the financial markets for the pricing and valuation of Australian dollar securities, and as a lending reference rate.
As part of transitional arrangements, ASX and AFMA have been working together on moving to the new BBSW calculation methodology by late 2017. The change in methodology is intended to support the recommendation of the Council of Financial Regulators, and reflects the evolution of market practice.
The ASF would be pleased to receive any feedback on what the implications of the new methodology might be to existing securitisation transactions through its Industry & Markets Subcommittee.
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