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ARTICLE · 31 MAY 2019

ISDA Forges Ahead With Market Consultations On Critical IBOR Transition Issues

Jones Day
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The July 2018 Consultation and the Supplemental Rates Consultation contemplate that the selected fallbacks will apply strictly upon the relevant IBOR's permanent cessation.

United StatesFinance and Banking
Jones Day
Jones Day
Jason Jurgens
Jason Jurgens
Locke McMurray
Locke McMurray
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Two new consultations seek market input on USD and other currencies and on inclusion of "non-representativeness" trigger

The International Swaps and Derivatives Association, Inc. ("ISDA") launched two additional IBOR transition market consultations on May 16, 2019. Both consultations set a July 12 response deadline, "which will not be extended," and are open to participants in all markets, not merely derivatives markets.

The first (the "Supplemental Rates Consultation") is "supplemental" to ISDA's consultation from July 2018 (the "July 2018 Consultation") and seeks market input on deriving  "synthetic term" rates or "adjusted RFRs" from overnight risk-free rates as replacements for IBORs related to the United States ("USD LIBOR"), Canadian ("CDOR"), Hong Kong ("HIBOR"), and Singapore ("SOR") dollar, as well as "credit spread" adjustments thereto. The second (the "Pre-Cessation Trigger Consultation") seeks market input on the potential inclusion of an

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