(Tentative translation by the Secretariat)
Study Group on Risk-Free Reference Rates
Minutes for the March 27, 2018 Meeting
4:00 - 5:00 PM
(Meeting Room in the Bank of Japan)
1. Members approved the minutes of the October 6, 2017 meeting. They also approved the publication of the minutes on the Bank of Japan's website.
2. The Working Group on Use of the Risk-Free Rate reported briefly about its fourth meeting held in January. More specifically, the Working Group reported that it had drafted "Japanese yen OIS (Overnight Index Swap) -- Overview and Case Studies --," a guide containing basic information and case studies of OIS for financial institutions which had not used OIS transactions. The Chair proposed to publish it as the Study Group, and members agreed. The Study Group decided to publish the guide on the Bank of Japan's website in early April.
3. The Secretariat provided an update on recent developments in international discussions about risk-free reference rates. The ISDA provided an update on the progress of discussion in the ISDA Benchmark Working Group.
4. The Chair announced that the Study Group had achieved its primary objectives given that it had identified the Japanese yen risk-free rate and had completed the guide on Japanese yen OIS. Subsequently, members discussed the next steps for financial benchmark reform in Japan and shared the following views.
i. The establishment of a new body consisting of market participants, including a broad set of users of financial benchmarks, is important.
ii. Prior to its establishment, outreach to users of financial benchmarks, including those on the buy-side and non-financial corporates, is necessary.
iii. It would be appropriate that the Bank of Japan assumes the role as Secretariat for the new body.
5. The Chair proposed not to schedule the next meeting of the Study Group unless the need to newly conduct a study on Japanese yen risk-free reference rates arises, and members agreed.
Study Group on Risk-Free Reference Rates Attendance for the March 27, 2018 Meeting
(Attendees)
Chair | Bank of Tokyo-Mitsubishi UFJ | Takeshi Ogura |
Vice Chair | Nomura Securities | Shigeru Hashimoto |
SMBC Nikko Securities | Kazuhiro Ojima | |
SMBC Nikko Securities | Tomoki Kondo | |
Goldman Sachs | Kengo Taguchi | |
Daiwa Securities | Yuichiro Inada | |
Deutsche Bank | Ikuma Nagata | |
Deutsche Bank | Megumi Hirano | |
Nomura Securities | Hayato Ishida | |
Barclays Securities | Mark Shinoda | |
Mizuho Bank | Akihiro Kawano | |
Mizuho Bank | Hideki Kubo | |
Mizuho Bank | Hiroyuki Terashita | |
Mizuho Bank | Hiroyuki Masuda | |
Mizuho Securities | Hiromichi Kassai | |
Sumitomo Mitsui Banking Corporation | Shigetaka Tomura | |
Sumitomo Mitsui Banking Corporation | Hiroshi Yamamoto | |
Bank of Tokyo-Mitsubishi UFJ | Kazuhiro Ikebe | |
Mitsubishi UFJ Morgan Stanley Securities | Takehiro Seki | |
MorganStanley MUFG Securities | Jun Sawada | |
MorganStanley MUFG Securities | Shinya Yamamoto | |
ISDA | Tomoko Morita | |
Japanese Bankers Association | Hiroyuki Ohmine | |
Japanese Bankers Association | Hirotaka Koyama | |
Tokyo Financial Exchange | Kotaro Kuwabara | |
Tokyo Financial Exchange | Ryosuke Seo |
(Observers)
Japan Securities Dealers Association | Hiromasa Oda |
Japan Securities Dealers Association | Junichi Taguchi |
Japan Securities Dealers Association | Yuya Nakase |
Financial Services Agency | Shuhei Tanigawa |
Financial Services Agency | Tomoaki Hayashi |
Financial Services Agency | Akira Matsui |
Bank of Japan | Ryota Hattori |
Bank of Japan | Hiroki Ootake |
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Bank of Japan published this content on 11 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 April 2018 07:10:01 UTC