*****************************
The Treasury Markets Association (TMA) announced today (April 3) that the Spot USD/HKD Fixing would be formally launched on Thursday (April 6, 2006).
The Fixing is calculated by averaging the middle quotes after excluding the highest three quotes and lowest three quotes from the rates provided by the Designated Banks (see Annex A for specifications about the Fixing).
The Spot USD/HKD Fixing will serve as a benchmark for the market exchange rates of USD against HKD at 11am Hong Kong time. The Fixing is expected to provide a reference rate for the pricing of Hong Kong dollar-linked currency products.
A total of 20 financial institutions active in the trading of Hong Kong dollar in the foreign exchange market have been designated by the TMA to contribute the price quotes for the calculation of the Fixing. The panel of contributing banks will be reviewed regularly.
Reuters Limited has been appointed as the Calculating Agent for the computation and dissemination of the Spot USD/HKD Fixing.
The calculated Spot USD/HKD Fixing will be published on both Reuters RIC <HKDFIX=> and Reuters page HKDFIX at 11.15am Hong Kong time from Monday to Friday, except public holidays, or if Typhoon Signal No. 8 and above or the Black Rainstorm warning is hoisted.
"The availability of a representative Fixing for the Spot USD/HKD exchange rate will be conducive to the further development of the HKD-related currency products in Hong Kong," said Mr Eddie Tan, Chairman of the TMA's Codes and Standards Committee, which developed the Fixing in consultation with market participants.
"The TMA will continue to work closely with market participants to perfect the codes and standards in the Hong Kong treasury markets and develop new products and services to meet market demand," Chairman of the TMA's Executive Board Mr YK Choi said.
For more information about TMA, please refer to the website at www.tma.org.hk.
For further enquiries, please contact:
The Treasury Markets Association Secretariat, at 2878 8046
Ends/Monday, April 3, 2006
Issued at HKT 17:01
NNNN
