ISDA – International Swaps and Derivatives Association Inc.
04/17/2024 | Press release | Distributed by Public on 04/17/2024 17:22
Interest Rate Derivatives, Benchmark Rates and Development of Financial Markets in EMDEs
April 17, 2024
This paper outlines the critical role of interest rate derivatives (IRDs) in supporting the development of financial markets in emerging market and developing economies (EMDEs). It also examines the significance of reliable, robust interest rate (IR) benchmarks, a cornerstone for developing efficient IRD markets. The paper draws valuable lessons from the transition from LIBOR to overnight risk-free rates in advanced economies, applying these insights to the context of EMDEs. Through case studies, it shows how various EMDE jurisdictions have successfully adopted and implemented more robust and transparent IR benchmarks.
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