Financial, market and economic news

Hong Kong’s slow reform of interest rate benchmarks has put US$2.2 trillion worth of hedging contracts at risk, say market observers

Hong Kong banks risk falling behind in the global effort to reform interest rate benchmarks as the scandal-ridden London Interbank Offered Rate (Libor) is set to be phased out by the end of next year.Hong Kong’s lack of a plan to phase out the local rate – the Hong Kong Interbank Offered Rate (Hibor) – means firms that have entered into hedging arrangements with banks that expire after Libor ceases to exist at the end of 2021 might struggle to restructure their contracts.This could be an …

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