LIBOR transition

As part of its ongoing work to facilitate a smooth London Interbank Offered Rate (LIBOR) transition for its members banks, the MBA hosted Mr. Nicholas Tandy, Director, Head of Thought Leadership, Asia Pacific Corporate Risks Solutions, Global Banking, HSBC, Hong Kong, for an online presentation to member banks on 25 May 2021. Mr. Tandy touched down on the challenges relating to the adoption of Risk Free Rates in terms of products & services, operations, customer engagement, risk and systems readiness. Moreover, term Secured Overnight Financing Rates (SoFR) were not expected to be published before year end. He also answered specific questions from member banks. Another presentation is scheduled in a few months. The MBA Working Group on LIBOR Transition also held its monthly online meeting earlier during the month and exchanged best practices on several aspects such as legislation, credit adjustments, and the latest international developments.