In July, ISDA launched a market-wide consultation on technical issues related to new benchmark fallbacks for derivatives contracts that reference certain interbank offered rates (IBORs). The consultation sets out options for adjustments that would apply to the fallback rate in the event an IBOR is permanently discontinued. Following launch of the consultation, ISDA published a webinar describing the consultation, a set of graphs provided by Bloomberg to illustrate the different term and spread adjustments that are under consideration in the consultation and a set of FAQs.
Today, ISDA published updated FAQs covering questions that market participants have raised since ISDA launched the consultation and a second webinar covering many of the FAQs. This webinar assumes that market participants have viewed the first webinar and reviewed the consultation.
The consultation, FAQs, webinars and Bloomberg graphs are available here. As a reminder, responses are due by October 12, 2018.
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