This consultation sought input on the approach for addressing certain technical issues associated with adjustments that will apply to alternative risk-free rates (RFRs) if the fallbacks are triggered. These adjustments are necessary because of the differences between the interbank offered rates and the RFRs.
The consultation is available here. A set of graphs provided by Bloomberg to illustrate certain of the options for adjustments under consideration in the consultation is available here.
ISDA accepted consultation responses from market participants until October 22, 2018.
A webinar describing the approaches under consideration in the consultation and explaining the background of ISDA’s work to implement fallbacks for derivatives referencing key IBORs is available here. This webinar also describes the graphs provided by Bloomberg.
ISDA is also maintaining a list of FAQs (updated September 17, 2018). A second webinar covering many of the FAQs is available here. You can continue to submit questions to FallbackConsult@isda.org at any time during the consultation period.
Latest
Response on UK MIFIR Reporting Guidelines
On November 6, ISDA responded to the Financial Conduct Authority’s (FCA) consultation CP26/34 ‘Preparing for the new transaction reporting regime’ on the upcoming changes to the UK Markets in Financial Instruments Regulation (MIFIR) transaction reporting regime, as set out in...
Response on Transaction Reporting and Transparency
On October 30, ISDA submitted comments on the European Parliament’s (EP) proposed transaction reporting and transparency-related amendments to the European Commission’s Market Integration and Supervision Package (MISP). On transaction reporting, ISDA commends the EP’s ambition but cautions against trying to...
Joint Paper on EC Tax Omnibus
On November 5, ISDA, the Association for Financial Markets in Europe (AFME) and the International Securities Lending Association (ISLA) submitted a paper to support the proposed European Commission (EC) Tax Omnibus as a route to simpler, more certain cross-border taxation....
Response to FCA on Tokenized Gold
On November 2, ISDA responded to the Financial Conduct Authority’s (FCA) call for input on tokenized gold. ISDA supports the use of tokenized gold as wholesale collateral and highlights the benefits it could bring to collateral management and settlement. ISDA...