ISDA today issued a request for proposal (RFP) for an independent service provider to calculate and publish adjustments related to fallbacks that ISDA intends to implement for certain interest rate benchmarks in its 2006 ISDA Definitions. ISDA has undertaken this work at the request of global regulators and industry participants.
In advance of publishing the RFP, ISDA held a call on January 25, 2019 to explain the role of a fallback spread vendor. A recording of the call, as well as background materials, are available on the ISDA website.
Firms that intend to submit a tender should notify ISDA’s legal department at isdalegal@isda.org by noon EST on February 8, 2019. ISDA will then circulate additional materials and information to firms that have notified ISDA of their intent submit a tender. ISDA anticipates the process for selecting the fallback spread vendor to conclude by the end of the second quarter of 2019.
On December 20, 2018, ISDA released the results of a consultation on certain technical aspects of the benchmark fallbacks it intends to implement, including the adjustments that will be calculated and published by the fallback spread vendor. ISDA anticipates implementing the fallbacks by the end of 2019.
For Press Queries, Please Contact:
Nick Sawyer, ISDA London, +44 203 808 9740, nsawyer@isda.org
Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org
Amanda Leung, ISDA Hong Kong, +852 2200 5911, aleung@isda.org
Documents (1) for ISDA Issues Request for Proposal for Fallback Spread Vendor Role
Latest
Response to FCA on Commodity Derivatives Clearing
On April 9, ISDA, the Commodity Markets Council Europe (CMCE), Energy Traders Europe (ETE) and FIA jointly responded to Chapter 7 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on increasing the clearing threshold for commodity derivatives under the UK...
Response on EC’s SFR Proposal
On April 9, ISDA published technical comments on the European Commission’s (EC) proposed Settlement Finality Regulation (SFR) as it applies to designated EU systems and registered third-country systems. One significant concern is that the scope of insolvency protections provided to...
Natixis CIB Adopts ISDA’s DRR
ISDA has announced that Natixis CIB has adopted ISDA’s Digital Regulatory Reporting (DRR) solution, enabling the bank to meet regulatory reporting requirements more efficiently and accurately. The ISDA DRR uses the Common Domain Model (CDM) – an open-source data standard...
Paper on MIFIR PTT
On April 7, ISDA, the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA) and the European Banking Federation (EBF) published a paper on proposals relating to post-trade transparency (PTT) under the Markets in Financial Instruments...