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Annual General Meeting 2019
12 Jun 2019  

Press Release

 Annual General Meeting of the Treasury Markets Association

The Treasury Markets Association (TMA) held its thirteenth Annual General Meeting today (Wednesday).  At the meeting, Mr Howard Lee, the Chairman of the TMA Executive Board and Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), reported that the Association continued to make progress in 2018 in enhancing the professionalism of Hong Kong’s treasury market practitioners and the competitiveness of Hong Kong’s treasury markets.

Mr Lee said that “the Association set up a Working Group on Alternative Reference Rates in late 2018 to engage stakeholders in industry-wide discussions on the cessation of LIBOR after end-2021 and transition to alternative reference rates.  By raising market awareness, the Association hopes to ensure a smooth and orderly transition after the end of 2021.  At the same time, the Association has identified the HKD Overnight Index Average (HONIA) as the alternative reference rate for HIBOR and completed a consultation on a few technical refinements to HONIA early this year.

“In the coming year, the Association will try to help market participants identify the various issues that may arise from the transition away from LIBOR and discuss possible ways to address them.  To uphold ethical standards in the FX market, it will continue to work with the Global FX Committee to promote the adoption of the FX Global Code among market participants.  Finally, the Association will also continue to offer high-quality training courses under the Enhanced Competency Framework on Treasury Management to support the build-up of human capital in the local treasury industry.” added Mr Lee.

At the end of 2018, the TMA had 83 institutional members, including banks, asset managers, money brokers and major corporations, and over 3,700 individual members working in various segments of the treasury markets. 

Chief Executive of the HKMA, Mr Norman Chan, continues to serve as the Honorary President of the Council, and Mr Howard Lee was re-elected as the Chairman of the Executive Board.  

For more information, please refer to the TMA’s website at


Treasury Markets Association

12 June 2019