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ARTICLE · 18 NOVEMBER 2020

Benchmark Reform: ISDA Launches IBOR Fallbacks Supplement

Arthur Cox
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The IBOR Fallbacks Supplement (the "Supplement") amends the 2006 ISDA Definitions to include new contractual fallbacks for floating rate options that link to certain IBORs.

IrelandLitigation, Mediation & Arbitration
Phil Cody
Phil Cody
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With the planned discontinuation of LIBOR at the end of 2021 fast-approaching, it is "impossible to overstate the significance of fallbacks".1 Market participants may have exposure to LIBOR at the time that it is discontinued and, to address that risk, ISDA has continually highlighted the importance of using alternative risk-free rate ("RFRs") for both LIBOR and the other main interbank offered rates ("IBORs").

As part of its promotion of the use of contractual fallback provisions to mitigate the risks arising from IBOR discontinuance, ISDA launched an IBOR Fallbacks Supplement, an IBOR Fallbacks Protocol and a related FAQ on 23 October 2020.

1. ISDA Chief Executive Officer, Scott O'Malia: derivatiViews, 'A Major Milestone for Benchmark Reform', 26 October 2020.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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