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31 Aug 2021

LIBOR transition – update from Hong Kong

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Reform of interest rate benchmarks – when is the deadline?

Over the last two years, LIBOR transition has undoubtedly been one of the most discussed topics among the global banking industry. Banks, corporates and regulators around the world have had numerous discussions as to which Alternative Reference Rates ("ARRs") should the market adopt when LIBOR eventually comes to its end. 

On 5 March 2021, the UK Financial Conduct Authority formally confirmed that all LIBOR settings will either cease to be provided or no longer be representative:

  • immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and
  • immediately after 30 June 2023, in the case of the remaining US dollar settings.

As of today, LIBOR remains the most often and extensively used interest rate benchmark in the Hong Kong banking sector for US dollar transactions. Are our city's banks and their customers ready for this unprecedented reform?

Click here to read more.

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