As you may have seen, the consultation paper went further: proposing the adoption of additional benchmarks to enable market participants to have choices of different reference rates that are fit for purpose. In formulating these proposals, we considered all the findings I just mentioned relating to Jibar and Sabor.
Furthermore – in line with our endorsement of the coordinated efforts by global regulators and central banks to ensure that interest rates are credible, accurate, and trusted by consumers and financial market participants – we also sought to align our proposals to the objectives of the IOSCO principles as well as European Union (EU) benchmark regulations.