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
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

Topic |   Banking & finance
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
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
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