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Transiting TMA USD/HKD and USD/CNY(HK) Spot Rates to transaction-based regime

3 May 2016


Press Release



Transiting TMA USD/HKD and USD/CNY(HK) Spot Rates to transaction-based regime



The Treasury Markets Association (TMA) announces today (3 May 2016) that the TMA USD/HKD 11am Spot Rate and USD/CNY(HK) 11am Spot Rate (collectively known as the “Spot Rates”) will adopt a transaction-based determination mechanism with effect from 1 August 2016. 


International standard bodies including International Organization of Securities Commissions and Financial Stability Board have issued recommendations for improving the robustness and transparency of financial benchmarks.  This includes, amongst other things, anchoring financial benchmarks by observable, bona fide, arm’s length transactions to the extent possible. 


At present, the two FX spot benchmarks administered by the TMA, i.e. the Spot Rates, are calculated from submissions of contributors based on their expert judgement.  It will be preferable for us to align with the international recommendations.  Against this backdrop, the TMA launched a six-week public consultation in May 2015 about adopting a transaction-based determination mechanism for the Spot Rates.  The response to the consultation (Annex) shows that the reform is backed by majority support.  Details of the final reform parameters can be found in the consultation conclusion. 


The Spot Rates, like other financial benchmarks administered by the TMA, will continue to be subject to a governance and surveillance framework developed and administrated by the TMA with reference to the international recommendations.  The data contributors will be subject to codes issued by local or international standard bodies as applicable.  The Spot Rates will continue to be published on the TMA’s website, and on the Thomson Reuters’ pages of <HKDFIX> and <CNHFIX>.



Treasury Markets Association

3 May 2016



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