Regulatory Alerts2021-09-14
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority issued a letter supporting an information note by the Asia Pacific Loan Market Association and Treasury Markets Association regarding the replacement of US dollar LIBOR with SOFR. The note outlines various market-derived options for transitioning loan contracts to alternative reference rates to assist customers, particularly smaller corporates, in understanding these methods. Authorized institutions are required to proactively engage their clients to facilitate this transition as soon as possible.
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