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ARTICLE · 28 MARCH 2019

FSB Encourages ISDA To Consult On Third LIBOR Trigger And Parameters Of Spread Methodology

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The heads of the UK Financial Conduct Authority and the Federal Reserve Bank of New York, acting as co-chairs of the Financial Stability Board's ("FSB") Official Sector Steering Group ("OSSG"),

United StatesFinance and Banking
Lary Stromfeld
Lary Stromfeld
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The heads of the UK Financial Conduct Authority and the Federal Reserve Bank of New York, acting as co-chairs of the Financial Stability Board's ("FSB") Official Sector Steering Group ("OSSG"), encouraged ISDA to seek market feedback on the addition of a third "trigger event" in fallback language that would trigger derivatives referencing IBOR floating rates to move to the adjusted alternative rate. ISDA has indicated that it would seek feedback for IBORs that were the subject of its now-closed July 2018 Consultation, and is considering adding a "pre-cessation" event in its upcoming consultation on USD LIBOR and other IBORs not included in its earlier Consultation.

The OSSG co-chairs noted, "Without a trigger for this event included in the ISDA definitions, market participants could find themselves forced either to continue using LIBOR in legacy contracts within a severely disrupted market or agree bilaterally on terms at which they could close out across a wide array

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