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ARTICLE · 22 OCTOBER 2020

A Closer Look At ISDA's New 2020 IBOR Fallbacks Protocol And Amendments To 2006 Definitions

Holland & Knight
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The International Swaps and Derivatives Association Inc. (ISDA) has published its long-awaited 2020 IBOR Fallbacks Protocol (the Protocol) and related Amendments to the 2006 ISDA...

United StatesFinance and Banking
Douglas Youngman
Douglas Youngman
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Highlights

  • The International Swaps and Derivatives Association Inc. (ISDA) has published its 2020 IBOR Fallbacks Protocol and related Amendments to the 2006 ISDA Definitions to address discontinuation of the U.S. dollar (USD) Libor and other interbank offered rates (IBORs) in the global derivatives market. USD Libor is anticipated to be discontinued at the end of 2021.
  • Existing derivatives transactions will require a bilateral amendment to adequately address USD Libor discontinuation. The Protocol provides a uniform, market-wide mechanism for parties to voluntarily amend existing derivatives contracts to address USD Libor discontinuation.
  • Amendments to the 2006 Definitions will provide a similar USD Libor fallback mechanism for new derivatives transactions that incorporate the 2006 Definitions.

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