To support the transition from KLIBOR to MYOR / MYOR-i, KLIBOR Transition Coordination Subcommittee and four working groups have been established under the Financial Markets Committee (FMC), the Steering Committee that oversees the overall KLIBOR transition process.

The Subcommittee serves as a coordinating forum responsible for monitoring the progress of the working groups and tabling recommendations for the FMC’s endorsement. Each working group focuses on one of the following key areas:

1. Derivatives
2. Cash Products
3. Shariah
4. Communication

These working groups are primarily industry-led and co-chaired by senior industry representatives and BNM. While each group addresses its respective area of expertise, they collectively support the overarching objective of facilitating an orderly transition from KLIBOR to MYOR / MYOR-i.

These groups are tasked with developing recommendations on best practices, market conventions for products and markets based on MYOR / MYOR-i. As the transition involves many industry participants, as well as commercial and retail customers, the working group will also ensure robust stakeholder engagement to gather feedback and promote awareness on key issues related to the transition.

These working groups comprise a diverse group of market participants and relevant industry associations. BNM serves as the secretariat for the working groups, providing administrative support.

The structure is shown below and may evolve as and when necessary.

Others

• ISDA 2021 Fallbacks Protocol
• 2021 Benchmark Module of the ISDA 2021 Fallbacks Protocol
• ISDA Future Cessation Guidance - 2021 ISDA Interest Rate Derivatives Definitions and 2006 ISDA Definitions
• Bloomberg Publication of Fixed Spread Adjustments for MYR KLIBOR