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    ISDA on Results of Consultation on Pre-cessation Fallbacks for LIBOR

    May 14, 2020

    ISDA published a report summarizing the final responses to the consultation on implementation of pre-cessation fallbacks for derivatives referenced to LIBOR. The report was prepared for ISDA by The Brattle Group and confirms the preliminary findings published by ISDA in April. The results of the consultation indicate that a significant majority of respondents support including pre-cessation and permanent cessation fallbacks without optionality or flexibility in the amended 2006 ISDA Definitions for LIBOR and in a single protocol for including the updated definitions in legacy trades. Following these results, ISDA expects to publish amendments to the 2006 ISDA Definitions to incorporate the fallbacks for new trades in July. A protocol will simultaneously be launched to allow participants to incorporate the revisions into legacy trades if they choose to. Both will come into effect before the end of the year.

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    Keywords: International, Banking, Insurance, Securities, IBOR Reform, LIBOR, Pre-cessation Fallbacks, Interest Rate Benchmark, ISDA Collection, ISDA

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