KUALA LUMPUR: The Financial Markets Committee will oversee the development of an alternative reference rate (ARR) for Malaysia and deliberate on the continuity of the Kuala Lumpur Interbank Offered Rate (Klibor)Bank Negara said in a statement that the first key task for the committee would be to conduct an initial public consultation on the identification of a suitable ARR and enhancements to the Klibor framework if it is retained.The committee will also deliberate on industry-wide standards to facilitate the adoption of ARR for financial contracts currently referencing Klibor."Financial benchmark reforms are underway internationally to improve the integrity of global interest rate benchmarks or reference rates, in line with the Financial Stability Board's recommendation."The bank envisages the identified ARR will run in parallel with the existing Klibor, thus providing sufficient time for market participations and stakeholders to prepare for the adoption of ARR," said the central bank.The committee comprises representatives from Bank Negara, the Securities Commission, financial institutions, insurers, fund managers and corporate treasurers.It will be the key forum to discuss the latest international developments on financial benchmarks and is responsible for providing recommendations on the strategic direction for the financial benchmark rates in Malaysia.
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