The ASF's benchmark reform working group continues to make good progress as discussions amongst authorities (RBA, ASX and ASIC) and industry groups (AFMA) around fallback rates and cessation triggers and procedures continue. We have also recently received feedback from the RBA on its consultation
and the ASF’s draft ‘Market Guidelines for interest rate benchmarks in Securitisation’
The ASF's working group has broadly agreed on a concept fallback position with several issues remaining to be worked through from a securitisation industry perspective including the legal fallback drafting.
It is not expected that these issues will prevent the RBA meeting its proposed timetable to publish revised repo eligibility requirements by mid-2021, for implementation from mid-2022.