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IBOR Transformation Australian Working Group

Meeting Minutes

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.  PDF 
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.  PDF 
18/04/2019  Industry developments regarding SONIA, RBA related discussion.  PDF 
16/05/2019  Conversation with RBA, OSSG regulatory, accounting and tax discussions, market communications, accounting developments.  PDF 
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.  PDF 
02/09/2019  Discussion with ASIC, ASF consultation, ISDA consultation, BBSW fallbacks.  PDF 
24/10/2019  Areas where market may benefit from enhanced regulatory guidance, ISDA conference.  PDF 
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.  PDF 
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.  PDF 
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.  PDF 
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.  PDF 
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.  PDF 
29/06/2020  Feedback on interpretation of ISDA fallbacks and support for ARRC initiative for NY law reform.  PDF