Arthur Yuen Kwok-hang, deputy chief executive of Hong Kong Monetary Authority (HKMA), photographed during a technical briefing on virtual banking at the HKMA Auditorium in Central. Photo: SCMP / Jonathan Wong
Hong Kong banks face deadlines to migrate US$205 billion of contracts tied to scandal-ridden Libor with no alternative rates in place
- Banks in Hong Kong must step up efforts to remediate about US$25.8 billion legacy Libor-linked contracts to new benchmark by year end
- As global regulators phase out the scandal-ridden Libor benchmark, companies must work with banks on transition to avoid legal disputes
Arthur Yuen Kwok-hang, deputy chief executive of Hong Kong Monetary Authority (HKMA), photographed during a technical briefing on virtual banking at the HKMA Auditorium in Central. Photo: SCMP / Jonathan Wong
