Regulatory Alerts2022-12-19
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority updates authorized institutions on the global transition away from LIBOR to alternative reference rates. Survey data indicates that contracts referencing remaining USD LIBOR settings requiring renegotiation have fallen by over 90% to 4,100 contracts by September 2022. The regulator expects all institutions to complete remediation of these legacy contracts before the final LIBOR settings cease publication at the end of June 2023.
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