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As the financial industry moves away from traditional benchmark rates like LIBOR, there is a growing need for alternative reference rates that are transparent, reliable and based on real market transactions. HONIA (Hong Kong Overnight Index Average) is the benchmark interest rate for overnight borrowing and lending in Hong Kong.
HONIA is calculated based on the weighted average of the interest rates offered by participating banks for overnight loans in the Hong Kong interbank market. The calculation is performed by the Hong Kong Monetary Authority and is based on data submitted by participating banks. HONIA is published each business day at 9:00 a.m. Hong Kong time.
HONIA offers a number of unique features that make it a valuable tool for financial services professionals. These features include:
As a benchmark for financial products: HONIA can be used as a benchmark for a wide range of financial products, such as loans, bonds and derivatives.
For pricing and risk management: HONIA provides financial services professionals with a reliable reference rate that can be used for pricing and risk management purposes.
For regulatory reporting: HONIA can be used for regulatory reporting purposes, providing a more accurate and transparent representation of the cost of borrowing.
As a reference rate for benchmark indices: HONIA can be used as a reference rate for benchmark indices, providing a more accurate representation of market conditions in Hong Kong.
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