Tradition (Asia) Limited Announces First HONIA Related Interest Rate Derivative Trade

2019-10-29 16:39 2586

HONG KONG, Oct. 29, 2019 /PRNewswire/ -- Tradition (Asia) Limited in Hong Kong announces first HONIA related interest rate derivative trade. 1-year Q/Q Floating/Floating Basis Swap, 3-month HKD HIBOR minus 60 bps p.a. against daily HONIA fixing compounding in arrears matched 3-month HIBOR interest period.

"With the global "Inter Bank Offer Rate (IBOR) " reform, we have been working with the market in Hong Kong on conventions for trading in OIS and HONIA. I am delighted that today we have completed the first trade in the market in this new post IBOR instrument that we believe will add stability and transparency," said Michael Poon, Managing Director.

Tradition is the interdealer broking arm of Compagnie Financiere Tradition and one of the world's largest interdealer brokers in over-the-counter financial and commodity related products. Represented in over 28 countries, Compagnie Financiere Tradition is listed on the Swiss stock exchange. Tradition has operated in Hong Kong since 1978, during which time Hong Kong has become the Asian trading centre for Greater China OTC derivative and fixed income trading, including Hong Kong, Taiwan and offshore-traded areas in Mainland China.

Source: Tradition (Asia) Limited