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Hong Kong will be embracing a new era of interest rate benchmarks as of 1 January 2022. Following a series of new milestones set for the financial industry by the Hong Kong Monetary Authority (HKMA), the city has been gearing up for the transition from the London Interbank Offered Rate (LIBOR) to Alternative Reference Rates (ARR) by the end of 2021, with banks already rolling out ARR products.

As a follow-up to the Chamber's earlier webinar entitled "Transitioning Away from LIBOR: What Corporates Should Know" join us on 9 December 2021 when EY representatives Jasmine Lee, Sky So and Jenny Huang will focus on major developments and challenges with the LIBOR transition as of late, including the practical implications of adopting the forward-looking term Secured Overnight Financing Rate (SOFR), which was formally recommended as an accepted term structure by the US Alternative Reference Rates Committee (ARRC) – a group convened by the Federal Reserve Board and the Federal Reserve Bank of New York to ensure a successful transition from U.S dollar (USD) LIBOR to SOFR.

This session will aim to equip participants with knowledge of the following key concepts:

1.   Term rate:
-    Provide an update of the latest market development on term rates
-    Illustrate how term rates impact corporate customers and details the practical next steps
2.   ARR options:
-    Demonstrate interest calculation and compare the pros and cons of commonly seen ARR options (i.e. term SOFR, simple averaged SOFR and compounded SOFR)
3.   Hedged loan approach:
-    Illustrate the different approaches for handling hedged loans/derivatives in light of basis differences between LIBOR and ARR.


Participants can choose to attend virtually or in person. For those who are interested to attend in-person, please note that seats are limited. In-person participants will also be required to wear masks throughout the course of the event. To align with government regulations to prevent the spread of COVID-19, no refreshments will be provided at the event.

Please refer to the following on the virtual seminar:
- Upon successful registration of the event, a unique webinar link will be sent to your registered email 2 days before the event. Please refer to the troubleshooting guide here should you experience any issues in locating the webinar link.
- Instructions on downloading Zoom and joining a webinar can be found here. We suggest that you familiarize yourself with the software in advance of the webinar.
- Please log in 15 minutes (at 10:15am) before the event begins, through the link that will be sent to your registered email.

DISCLAIMER
Speakers' presentations at this event are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed during this event are those of the speakers and participants and, unless expressly stated to the contrary, are not the opinion or position of the Hong Kong General Chamber of Commerce, its members, or its committees. The Chamber does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that, with the approval of speakers, this event may be recorded, and possibly published on the Chamber's website in audio and/or video formats without further notice.

Recording, duplication or distribution of the contents of the online event is prohibited without prior written permission from the Chamber.

Speaker(s)

Jenny Huang, Partner of Financial Services Risk Management, EY

Jenny is a Partner of EY Financial Services Risk Management, she has over 13 years of experience in helping financial institutions on recovery and resolution planning, IFRS 9, Interest rate risk on banking book, internal audit, risk and control, outsourcing process management, capital assessment and optimization.

Jenny is actively leading the Ernst & Young Hong Kong IBOR initiatives and developing comprehensive solutions for 9 different banks including multinational banks, Chinese in bound banks and local banks.

Sky So, Partner of Financial Services Risk Management, EY

Sky is a Partner of Financial Services Risk Management and leading our services and resources in financial risk management and quantitative advisory, he has over 21 years of experience advising the corporates and banks on valuation and quantitative risk management. He is a frequent speaker in the industry events (e.g., hosted by Bloomberg, Reval, AIMA, PRMIA, HKIB, Incisive, EY Hong Kong and Taiwan) and client training in Hong Kong, China and Taiwan on the topics of IFRS 9, hedge accounting, CVA, market risk model validation, liquidity risk and interest rate risk liberalization, as well as EY internal training (e.g., audit quality, IFRS 9, valuation and risk management).

Jasmine Lee, Partner, Financial Services, Head of Chinese and local accounts / Lead of GBA committee – FSO, EY

Jasmine is the Head of Chinese in bound and local business of Hong Kong financial services.  Jasmine has over 25 years of experience in the provision of a range of comprehensive professional services to financial services institutions in Hong Kong, Macao and China. Jasmine also serves as the leading partner of the China Overseas Investment Network of Ernst & Young, and actively coordinates merger and acquisition and investment activities of Chinese financial institutions around the world.

Date and Time 2021/12/09 10:30 to 11:45
Venue Online via Zoom or In-person at Chamber Theatre
Media Closed to media
Enquiries Karen Au
Tel: 28231200
Email: karen@chamber.org.hk
Fee
  • HK$ 100 for Members / HK$ 200 for Non-Members (Online via Zoom)
  • HK$ 100 for Members / HK$ 200 for Non-Members (In-person at Chamber Theatre)
+$50 for booking offline
This event accepts Chamber Coupon (terms and conditions)
Members enjoy 30% discount with BOC HKGCC VISA Card
Notes - Bookings are only confirmed upon receipt of payment, on a first come first served basis.
- Booking transfer is allowed for corporate members with advanced notice, walk-ins are normally not accepted.
- The Chamber reserves the right to decline any booking or cancel the event. In such case, a full refund of the participation fee will be issued.
- The registration fee is non-refundable for this event.
- Members paying with their BOC HKGCC Visa Card will enjoy a 30% discount on their reservation. The discount is only applicable to the card holder, and does not extend to their guests. The discount cannot be used in conjunction with Chamber Coupons.
- A $50 handling fee per person will be charged for all offline bookings (e.g. fax, e-mail, post) for all Chamber events. Go online today by downloading our app or registering on the HKGCC website to save the environment and money.
- Priority is given to corporate members. The decision to accept or decline any booking shall be at sole discretion of the Chamber.

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