Vice Chairman Kwon Dae-young of the Financial Services Commission presided over the meeting on benchmark rate reform held on March 30 with officials from related financial authorities and industry groups. At the meeting, Vice Chairman Kwon spoke about the need to more swiftly carry out transitions in benchmark rate reform to ensure market stability and consumer protection. In this regard, the FSC and related authorities unveiled plans to (a) promote KOFR-based transactions in financial markets, (b) remove CD rate as a critical statutory benchmark rate at the end of 2030, (c) reduce KORIBOR-based transactions gradually, and (d) strengthen the management and inspection over COFIX calculation system.