South Korea to shift interest rate swap market from CD rates to KOFR, introducing KOFR-linked Overnight Index Swap market; BOK and FSC develop guidelines.
S. Korea to announce guidelines promoting its $4.3 trillion interest rate swap market's shift from Certificate of Deposit (CD) rates to Korea Overnight Financing Repo rate (KOFR), introducing the KOFR-linked Overnight Index Swap market. Bank of Korea (BOK) and Financial Services Commission (FSC) are developing transaction guidelines. This aims to address CD rate fluctuations and prepare the market for a benchmark transition.
August 13, 2024
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