韩国央行-2025年推进基准利率改革计划（英）

PRESS RELEASE Embargoed until December 10, 2024, at 10 a.m December 10, 2024 Plan for Promoting the Benchmark Rate Reform in 2025  The plan to expand the use of the Korea Overnight Financing Repo Rate (KOFR) in the derivatives market will be implemented in earnest from 2025. ▪ The target of the KOFR-based transaction share in interest rate swap transactions: 10% in 2025 → 50% in 2030 ▪ Starting in July 2025, the target percentage of KOFR utilization will be managed in collaboration with major market participants in the interest rate swap market. ▪ Central clearing of KOFR-based interest rate swaps through the Korea Exchange is expected to begin in October 2025.  The issuance of KOFR-based floating rate notes (FRNs) will be expanded, mainly by the public financial institutions and commercial banks. ▪ 10% of the FRNs to be issued in 2025 will be funded on a KOFR basis and will be expanded further. ▪ Public financial institutions (Korea Development Bank, Industrial Bank of Korea, and Export-Import Bank of Korea) will issue about 1.8 trillion won of FRNs in 2025 and the commercial banking sector will also participate in the issuance. ▪ The Bank of Korea and Financial Services Commission will continue to make systemic and regulatory improvements to activate KOFR-based FRNs. On December 10, the Bank of Korea and the Financial Services Commission held the 5th Benchmark Rate and Short-Term Financial Market Consultation with related organizations, such as the Financial Supervisory Service, the Korea Securities Depository, and the Korea Exchange, as well as academics and market experts, to discuss the “Plan for Promoting Benchmark Rate Reform in 2025.” ▪ Time and Place: December 10, 2024(Tue) 10:00, Bank of Korea ▪ Participating organizations: Bank of Korea(co-organizer), Financial Services Commission (co-organizer), Financial Supervisory Service, Korea Securities Depository, Korea Exchange, Korea Federation of Banks, Korea Financial Investment Association, Korea Development Bank, Industrial Bank of Korea, Korea Capital Market Institute, Korea Institute of Finance, market experts (Hana Bank, JP Morgan Chase & Co.)  Statement by Soyoung Kim, Vice Chairman of the Financial Services Commission “ We are working with market participants to develop a common plan that everyone can agree on. Global consistency is an important issue in terms of managing operational risks across the financial system. We will establish a more efficient reference rate system by promoting the transition to the KOFR-centric regime without any setbacks based on the plan we have prepared.”  Statement by SangDai Ryoo, Senior Deputy Governor of the Bank of Korea “The activation of the KOFR-based transaction is not only an important opportunity for the domestic financial market to take a further leap forward, but also a very meaningful task in terms of enhancing the effectiveness of monetary policy. The Bank of Korea will continue to work proactively with financial ma