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.
Overnight LIBOR 12-month LIBOR 6-month LIBOR 3-month LIBOR 1-month LIBOR April 2023 Jul 2023 2-month LIBOR 1-week LIBOR To ensure a smooth transition away from LIBOR, corporate treasurers are reminded to take prompt action to complete the remediation of existing contracts referencing the remaining USD LIBOR settings in good time before end-June 2023. Secured Overnight Financing Rate (i.e. SOFR) has replaced USD LIBOR as its alternative reference rate. The remaining USD LIBOR settings will be discontinued starting from 1 July 2023. Important Points to Note for Corporate Treasurers from remaining LIBOR settings Transitioning away For more information about LIBOR transition and what corporates need to do, please visit http://www.hkma.gov.hk/LIBOR.pdf or contact your bankers.
More like this from HKMA
HKMA published 11 documents in the last 30 days. We email you each new one the day it's published.