South Korea to set guidelines to speed up switch to new interest rate swaps benchmark, say sources

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South Korea to set guidelines to speed up switch to new interest rate swaps benchmark, say sources - Channel News Asia

Quick Summary:

SEOUL : South Korea plans to announce guidelines to encourage the use of an alternative benchmark in its $4.3 trillion interest rate swap market and replace Certificate of Deposit (CD) rates that currently dominate transactions, two sources said.

FILE PHOTO: Currency dealers work at a dealing room in the bank in Seoul, South Korea, August 6, 2024.

Interest rate swaps are trades of a fixed interest rate for a floating rate or vice versa, widely used by investors and banks to hedge risks in financial markets.