The IBOR Transformation Australian Working Group was formed in 2019, meeting regularly to discuss important issues related to benchmark reform. Minutes of all meetings are available below.
Date Agenda Items File 6/02/2019 Issue identification and priority setting, industry coordination, Australian trigger events, use of AONIA as a reference rate. 28/03/2019 Selection of the cash rate in Australia as the ARR versus developing an overnight secured repo rate, ARRC follow-ups for the cross currency working group, engagement with other associations. 18/04/2019 Industry developments regarding SONIA, RBA related discussion. 16/05/2019 Conversation with RBA, OSSG regulatory, accounting and tax discussions, market communications, accounting developments. 09/07/2019 OSSG Working Group, ISDA pre-cessation trigger consultation, BBSW fallback progress, standard disclosure, communication, ASF IBOR Working Group, ARRC report on considerations for use of RFRs in interdealer cross-currency swaps. 02/09/2019 Discussion with ASIC, ASF consultation, ISDA consultation, BBSW fallbacks. 24/10/2019 Areas where market may benefit from enhanced regulatory guidance, ISDA conference. 03/12/2019 Discussion with Harri Vikstedt about the Canadian approach to benchmark reform and the Canadian Alternative Reference Rate Working Group (CARR), letter to CFR relating to conduct risk, IBOR Market Responses Working Group. 27/02/2020 Discussion with James Leather, representative of the Association of Corporate Treasurers on the UK Working Group on Sterling Risk-Free Reference Rates subgroup, letter to CFR relating to conduct risk, delay in ISDA fallbacks, FSB OSSG meeting. 02/04/2020 ASIC letter in response to group letter on conduct risk, COVID-19 and implementation of LIBOR reform, credit spread adjustments for cash products, developing market practices.
14/05/2020 Statutory protections, organisation of a meeting of industry associations, preparation of market discussion paper on implications of ISDA credit spread adjustment for the Australian market, developing market practices.
17/06/2020 Discussion with official guests from RBA and ASIC about upcoming ISDA fallback definitions and protocol, fallback to AONIA, ASIC letter to industry and ARRC representations with regard to a legislative safe harbour.
29/06/2020 Feedback on interpretation of ISDA fallbacks and support for ARRC initiative for NY law reform.