ISDA CEO Scott O’Malia provided an update on efforts being made to support the market’s move to RFRs at the group's AGM in Hong Kong. The ability to hedge the FX and interest rate risk arising from this financing is an important part of the story. Highlights included reaching a clear market consensus for technical adjustments, developing robust, standardised fallback language for derivatives contracts, and, importantly, agreeing that a consistent approach should be applied to other IBORs. The group also agreed to work with regulators and industry stakeholders to develop guidance around how they will implement new rules governing financial products based on RFRs, including those issued by the Financial Conduct Authority (F@@
ISDA CEO Scott O’Malia provided an update on efforts being made to support the market’s move to RFRs at the group's AGM in Hong Kong. Highlights included reaching a clear market consensus for technical adjustments, developing robust, standardised fallback language for derivatives contracts, and, importantly, agreeing that a consistent approach should be applied to other IBORs. The group also agreed to work with regulators and industry stakeholders to develop guidance around how they will implement new rules governing financial products based on RFRs, including those issued by the Financial Conduct Authority (F@@