III. In the effort of developing a better benchmark floating interest rate for the money market, which of the following factors should a financial market regulator consider? (Select all that apply) (2 marks)

Select one or more:a.

It should be based on bank quotes to ensure its timeliness

b.

It should contain multiple tenors to allow a forward-looking term structure to be constructed to reflect expectations of future rates

c.

It can be a secured rate derived from transactions that are collateralised by government debts

d.

It should not be responsive to counterparty risk, especially when credit conditions in the wholesale funding market worsen, so that it is truly risk-free