国际主要基准利率的改革进展(下)

Progress in Reforming Major Interest Rate Benchmarks(Part Ⅱ)

根据主要国家和地区基准利率改革小组的反馈,金融稳定委员会(FSB)梳理了基准利率改革进展和市场应用方面的主要考虑。FSB认为隔夜无风险利率更适合作为基准利率,大多数衍生品应使用隔夜无风险利率定价,期限无风险利率用途则局限于一部分现货市场产品。FSB亦定期整理国际基准利率改革动态,目前美国和英国基准利率改革进展领先于大部分国家和地区,新的基准利率已应用于现货和衍生品定价。

Based on the feedback from the benchmark rate reform working groups of major countries and regions,the Financial Stability Board(FSB)has sorted out the main progress made in the interest rate benchmark reform and its market application.The FSB believes that it is more advisable to use the O/N risk-free rate(RFR)as the benchmark rate.The O/N RFRs should be referenced in most derivatives,and the use of term RFRs should be limited to some cash products.The FSB also regularly sorts out the development of the global benchmark rate reform.At present,the reform in the US and the UK is ahead of most other countries and regions,and the new benchmark rates have been applied to spot and derivatives pricing.