Press Release TMA taking up the ownership and administration of the HKD OIS The Treasury Markets Association (TMA) announces today (4 March) that the Hong Kong Inter-Dealer Brokers Association (HKIDBA) will transfer the ownership and administration of the Hong Kong Dollar Overnight Index Swaps (HKD OIS) to the TMA on 5 April 2016. The benchmark will be renamed as HKD Overnight Index Average (HONIA). The HONIA’s benchmark design and determination methodology, as previously adopted by the HKIDBA, will remain unchanged (see Annex 1 for the specifications of HONIA). Thomson Reuters will continue as the Calculating Agent for the computation and dissemination of the HONIA. Similar to other TMA’s benchmarks, the HONIA will be subject to a governance and surveillance framework. The TMA will soon issue a Code on submission of data for the Approved Money Brokers who are contributors for HONIA (see Annex 2 for the list of Contributing Brokers). Going forward, the TMA will continue to review its financial benchmarks, including the HONIA, and propose refinements as required in accordance with international standards.
The HONIA will continue to be published on the TMA’s website at 5:00 p.m. Hong Kong time every business day from Monday to Friday. The calculated rate as well as submissions by individual Contributing Brokers’ will be published at the same time on the Thomson Reuters instrument codes listed on index page <HONIX> and <HONIZ> respectively.
Treasury Markets Association 4 March 2016
The TMA makes no warranties, representations or undertakings, expressed or implied by law or otherwise, in relation to HONIA and are not responsible for any errors or omissions, or losses caused by disruptions in the benchmarks, inaccuracy of the benchmarks, or otherwise arising from the use of or reliance on the benchmarks. By viewing, using or downloading these benchmarks, you implicitly accept this disclaimer and agree to its terms. Annex 1
HKD Overnight Index Average (HONIA)
Specifications
Item | Specifications | Ownership | Treasury Markets Association (TMA) | Calculating Agent | Thomson Reuters Contact: (852) 3002 1697 | Contributing Brokers | Five brokers appointed by the TMA (see Annex 2) | Calculation Method | Volume weighted average of contributing brokers’ HKD unsecured overnight interbank deals transacted between 9:00 a.m. and 4:00 p.m. on the relevant business day. | Number of Decimal Places | 5 decimal places | Contribution window | 4:30 p.m. – 4:50 p.m. | Rate determination date and time | Every Hong Kong business day1 at 5:00 p.m. There will be no rate published on Hong Kong public holidays. | Value date | The rate publication date and value date shall be the same (i.e., T+0). | Maturity date and non-business days | Should the maturity date fall on a Hong Kong public holiday, the maturity date shall be the first day which is a Hong Kong business day and falls at least one day from the value date, regardless of whether it is in the next calendar month. | Publication of HONIA | HONIA will be published on the TMA’s website at 5:00 p.m. The calculated rate as well as Contributing Brokers’ individual submissions will be published on Thomson Reuters instrument codes listed on index page <HONIX> and <HONIZ>respectively. | Modification of these specifications | The TMA reserves the right to modify the HONIA specifications as it sees fit. Market participants and Contributing Brokers will be given adequate notice before any such changes are implemented. | Disclaimer | The TMA makes no warranties, representations or undertakings, expressed or implied by law or otherwise, in relation to HONIA and are not responsible for any errors or omissions, or losses caused by disruptions in the benchmarks, inaccuracy of the benchmarks, or otherwise arising from the use of or reliance on the benchmarks. By viewing, using or downloading these benchmarks, you implicitly accept this disclaimer and agree to its terms. |
1 For the avoidance of doubt, “Hong Kong business day” excludes Saturdays for the purposes of these specifications.
Annex 2
HKD Overnight Index Average (HONIA) Contributing Brokers BGC Capital Markets (Hong Kong) Limited ICAP (Hong Kong) Limited Nittan Capital Asia Limited Tradition (Asia) Limited Tullett Prebon (Hong Kong) Limited
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