HKMA shores up Hibor-setting mechanisms

The Hong Kong Monetary Authority (HKMA) has approved measures aimed at strengthening the mechanism to set the Hong Kong Interbank Offered Rate (Hibor), after UK bank RBS became the latest to be fined for rate-rigging.

A study published on November 26 by the Hong Kong Treasury Markets Association (TMA) found there had not been any manipulation of Hibor, but recommended the benchmark rate be overhauled to ensure the governance process was as robust as possible.

On February 6, the HKMA agreed to re