Regulatory Alerts2023-04-14
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority reminds corporate treasurers to remediate existing contracts referencing remaining USD LIBOR settings before the end of June 2023. The Secured Overnight Financing Rate (SOFR) has replaced USD LIBOR as the alternative reference rate, with the remaining USD LIBOR settings scheduled for discontinuation starting 1 July 2023. Treasurers are urged to take prompt action to ensure a smooth transition and may consult the provided HKMA resources or contact their bankers for further guidance.
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