{"id":508611,"date":"2021-12-27T19:44:28","date_gmt":"2021-12-27T12:44:28","guid":{"rendered":"https:\/\/www.vibiznews.com\/?p=508611"},"modified":"2021-12-28T21:13:45","modified_gmt":"2021-12-28T14:13:45","slug":"national-working-group-on-benchmark-reform-nwgbr-rilis-panduan-transisi-libor-bagi-pelaku-pasar","status":"publish","type":"post","link":"https:\/\/vibiznews.com\/index.php\/2021\/12\/27\/national-working-group-on-benchmark-reform-nwgbr-rilis-panduan-transisi-libor-bagi-pelaku-pasar\/","title":{"rendered":"National Working Group on Benchmark Reform (NWGBR) Rilis Panduan Transisi LIBOR Bagi Pelaku Pasar"},"content":{"rendered":"<p>(Vibiznews \u2013 Banking &amp; Insurance) &#8211; <em>London Interbank Offered Rate<\/em> (LIBOR) merupakan suku bunga referensi yang merepresentasikan indikasi suku bunga pinjam-meminjamkan antarbank. LIBOR banyak digunakan sebagai suku bunga referensi dalam kontrak kredit dengan suku bunga mengambang maupun transaksi derivatif suku bunga, seperti <em>interest rate swap<\/em> dan<em> cross currency swap.<\/em><\/p>\n<p>Dalam perkembangannya, LIBOR yang dibentuk berdasarkan kuotasi menimbulkan banyak kasus manipulasi yang merugikan pelaku pasar, seperti yang dilakukan oleh 8 (delapan) panel bank LIBOR saat krisis keuangan global tahun 2008. Untuk memperbaiki integritas LIBOR, <em>Financial Conduct Authority<\/em> (FCA) UK mengalihkan administrasi LIBOR dari <em>British Bankers Association (BBA)<\/em> kepada <em>Intercontinental Exchange Benchmark Administration<\/em> (IBA) pada tahun 2014. Namun, upaya tersebut dinilai belum cukup untuk mengembalikan kepercayaan pasar terhadap LIBOR. Sehingga, pada tanggal 27 Juli 2017, FCA mengumumkan bahwa panel bank tidak lagi diwajibkan untuk men-<em>support<\/em> LIBOR setelah tanggal 31 Desember 2021.<\/p>\n<p>Selanjutnya pada tanggal 5 Maret 2021, FCA dan IBA secara resmi mengumumkan tanggal diskontinuitas LIBOR. Merespon pengumuman FCA, 5 (lima) otoritas dari masing-masing negara mata uang LIBOR menetapkan suku bunga referensi alternatif (<em>Alternative Reference Rate\/ARR<\/em>) pengganti LIBOR, yakni SOFR (USD), SONIA (GBP), \u20acSTR (EUR), TONA (JPY), dan SARON (CHF). Kelima otoritas sepakat memilih ARR berupa rata-rata tertimbang suku bunga transaksi dengan jangka waktu <em>overnight.<\/em><\/p>\n<p>Diskontinuitas LIBOR mengharuskan pelaku pasar untuk bertransisi menggunakan suku bunga referensi alternatif (ARR). Namun, perbedaan karakteristik antara ARR dengan LIBOR membuat pelaku pasar harus melakukan beberapa penyesuaian, terutama terkait pengaturan <em>fallback<\/em> pada kontrak eksisting. Penyesuaian yang harus dilakukan pelaku pasar diantaranya meliputi pembentukan <em>Term Structure<\/em> dari ARR, penetapan <em>Spread Adjustment,<\/em> dan penyesuaian waktu penetapan suku bunga (<em>Notice of Payment<\/em>). Untuk memastikan kelancaran proses transisi LIBOR, <em>National Working Group<\/em> <em>on Benchmark Reform (NWGBR)<\/em> yang dibentuk oleh Bank Indonesia, Otoritas Jasa Keuangan, Kementerian Keuangan, dan I<em>ndonesia Foreign Exchange Market Committee (IFEMC)<\/em>, merilis Panduan Transisi LIBOR bagi pelaku pasar di Indonesia pada hari Jum\u2019at, 24 December 2021. Panduan tersebut diharapkan dapat mendukung proses transisi LIBOR berlangsung dengan lancar.<\/p>\n<p>Panduan Transisi LIBOR memberikan informasi mengenai latar belakang terjadinya diskontinuitas LIBOR, <em>timeline<\/em> penghentian publikasi LIBOR, implikasi transisi LIBOR, hingga pedoman persiapan dan rekomendasi transisi LIBOR yang dapat menjadi acuan bagi pelaku pasar. Informasi dalam panduan tersebut disusun berdasarkan rekomendasi dan <em>best practice<\/em> yang menjadi referensi perbankan internasional. Panduan tersebut juga memuat informasi mengenai konvensi <em>benchmark rate<\/em> alternatif dan <em>spread adjustment<\/em> yang dapat dipertimbangkan pelaku pasar dalam menyusun kontrak keuangan baru maupun <em>fallback<\/em> atas kontrak LIBOR (<em>legacy contract<\/em>).<\/p>\n<p>Dalam panduan tersebut, NWGBR juga merekomendasikan pelaku pasar yang memiliki eksposur LIBOR untuk melakukan lima langkah utama. Pertama, menggunakan suku bunga referensi alternatif (<em>Alternative Reference Rates\/ ARR<\/em>) pada kontrak keuangan baru, dengan mempertimbangkan opsi konvensi ARR yang sesuai. Kedua, membentuk tim transisi LIBOR untuk memastikan kelancaran proses transisi. Ketiga, melakukan negosiasi kontrak-kontrak outstanding dengan debitur atau <em>counter party<\/em> untuk menyepakati klausul <em>fallback<\/em>. Keempat, menggunakan <em>fallback clause language<\/em> dari <em>market standard<\/em> yang berlaku secara global. Kelima, mengikuti terus perkembangan proses transisi LIBOR.<\/p>\n<p>Panduan Transisi LIBOR dapat menjadi informasi bagi pelaku pasar dalam menyikapi dan mempersiapkan transisi LIBOR, sehingga stabilitas sistem keuangan Indonesia tetap terjaga.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Belinda Kosasih\/ Partner of Banking Business Services\/Vibiz Consulting<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Vibiznews \u2013 Banking &amp; Insurance) &#8211; London Interbank Offered Rate (LIBOR) merupakan suku bunga referensi yang merepresentasikan indikasi suku bunga pinjam-meminjamkan antarbank. LIBOR banyak digunakan sebagai suku bunga referensi dalam kontrak kredit dengan suku bunga mengambang maupun transaksi derivatif suku bunga, seperti interest rate swap dan cross currency swap. Dalam perkembangannya, LIBOR yang dibentuk berdasarkan [&hellip;]<\/p>\n","protected":false},"author":101013,"featured_media":320625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[353],"tags":[12363,12361,12145,12359],"class_list":["post-508611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-insurance","tag-cross-currency-swap","tag-interest-rate-swap","tag-libor","tag-overnight"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Working Group on Benchmark Reform (NWGBR) Rilis Panduan Transisi LIBOR Bagi Pelaku Pasar - Vibiznews.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vibiznews.com\/index.php\/2021\/12\/27\/national-working-group-on-benchmark-reform-nwgbr-rilis-panduan-transisi-libor-bagi-pelaku-pasar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Working Group on Benchmark Reform (NWGBR) Rilis Panduan Transisi LIBOR Bagi Pelaku Pasar - Vibiznews.com\" \/>\n<meta property=\"og:description\" content=\"(Vibiznews \u2013 Banking &amp; Insurance) &#8211; London Interbank Offered Rate (LIBOR) merupakan suku bunga referensi yang merepresentasikan indikasi suku bunga pinjam-meminjamkan antarbank. 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