This article was written by Richard Mazzochi and David Lam.
The LIBOR manipulation cases post the global financial crisis in 2008 exposed the benchmark rate weaknesses. Almost five years after Andrew Bailey's first speech in 2017 announcing plans for the Financial Conduct Authority (FCA) not to exercise its power to compel panel banks' submission to determine LIBOR, the FCA announced on 5 March 2021 that all LIBOR settings will either cease to be published or will no longer be representative at specified future dates. The FCA announcement is another important global milestone on LIBOR transition. It is clear LIBOR transition is charging ahead at full speed.
In this alert, we summarise the key points that are most regularly considered in Hong Kong.
