HKMA sets new Libor transition milestones for banks

Risks from benchmark reform continue to build up in the banking system, HKMA warns

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Hong Kong

Hong Kong’s de facto central bank has set out new milestones for banks in the city as they prepare for a switch from Libor to alternative reference rates (ARRs) by the end of 2021.

The Hong Kong Monetary Authority (HKMA), alongside other financial authorities around the world, says it remains committed to the original transition timeline despite disruption brought by the Covid-19 pandemic.

Global regulators are steering lenders to ditch interbank offered rates (Ibors) and adopt alternative

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