Hong Kong dealers make Honia transition push
Standard Chartered ramps up swaps quoting for Hibor alternative; calls for industry transition group
Banks and brokers are making an industry-led bid to kick-start a transition away from the Hong Kong interbank offered rate, or Hibor, the market’s prevailing interest rate benchmark, by ramping up liquidity in swaps linked to the alternative Hong Kong overnight average, or Honia.
Stanley Chan, FX and rates trading at Standard Chartered, says client demand for a liquid Honia swaps market has gathered pace in recent weeks, following the successful transition from interbank offered rates to risk
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