ISDA Launches ISDAFIX Publication of Hong Kong Dollar.Business, Business & Financial Editors The International Swaps and Derivatives Association The International Swaps and Derivatives Association (ISDA) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York, and has created a standardized contract (the ISDA Master Agreement) to enter (ISDA ISDA See: International Swap Dealers Association ) announced today the addition of a Hong Kong Dollar Noun 1. Hong Kong dollar - the basic unit of money in Hong Kong dollar - the basic monetary unit in many countries; equal to 100 cents (HKD HKD In currencies, this is the abbreviation for the Hong Kong Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) ISDAFIX rate to its schedule of swap rates published daily on Reuters. The rates will produce a series of interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. fixings for HKD in the following maturities: 1,2,3,4,5,7, and 10 years. The daily 11:00 a.m. polling of mid-market rates, based on underlying HIBOR HIBOR Hong Kong Interbank Offer Rate, the annualized offer rate banks pay to attain Hong Kong three-month deposits in denominated dollars. and a standard bid-offer spread of five basis points, will be mean-averaged to three decimal places. The HKD ISDAFIX rates will be published at 11:30 a.m. (Hong Kong time Hong Kong Time (abbreviation: HKT ; Traditional Chinese: 香港時間) is the time in Hong Kong. The time is UTC+8 all year round. ) on Reuters page ISDAFIX5. "This addition reflects market demand for broadly accessible information about swap rates in Hong Kong dollars," said Robert Pickel, Executive Director and CEO of ISDA. "ISDAFIX is increasingly utilized as the market accepted default rate in a number of currencies. We are pleased that the roster now includes the Hong Kong dollar." ISDAFIX, ISDA's par rate screen service was introduced in 1997 to facilitate swaps terminations and the valuation of cash-settled swaptions. The Hong Kong dollar swap rates are part of a series of rates for different currencies sponsored by ISDA based on information collected by either Reuters or Garban Intercapital. Rates for U.S. dollar, euro, Sterling, Swiss francs and Japanese yen, as well as U.S. dollar swap spreads, are available on various Reuters ISDAFIX pages. Further details are provided on the Reuters ISDAINFO page. ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 575 member institutions from 46 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org |
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