Regulatory Alerts2020-10-16
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority directs authorized institutions to adhere to the ISDA IBOR Fallbacks Protocol to facilitate the transition from LIBOR to alternative reference rates. Institutions must join the Protocol before its January 2021 effective date and encourage counterparties to do the same, while managing existing contracts not covered by the Protocol. This action allows banks to meet the regulatory milestone for including adequate fallback provisions in newly issued LIBOR-linked derivatives maturing after 2021.
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