HKMA Delays a Target for Phasing Out Libor Products to End-2021
- Recommended target concerns new Libor-linked product issuance
- So-called milestone has been moved from the end of June
Photographer: Justin Chin/Bloomberg
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The Hong Kong Monetary Authority has pushed back a target for banks to phase out certain products tied to the London interbank offered rate, according to a statement Thursday.
HKMA said that the so-called milestone for banks to cease issuing new Libor-linked products that will mature after 2021 will now be the end of this year. That’s a shift from the previous goal of the end of June.