This page will be updated on a regular basis as relevant information becomes available globally and will serve as the central repository for information from ISDA relating to financial benchmark reform and the transition from LIBOR. If you have any questions or would like additional information in relation to these matters, please email:

This page is separated in seven sections:

1.            Background

2.            Benchmark Fallbacks/Consultations

3.            Bloomberg: Fallback Spread Vendor

4.            Other Related ISDA Benchmark Initiatives

5.            Relevant Research/Reading Material

6.            Press Releases/Latest News/Speeches/Presentations

7.            Market Education Calls/Webinars/Conferences

1. Background

Key interbank offered rates (IBORs), types of interest rate benchmarks, are undergoing a period of change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). In the case of LIBOR, the UK Financial Conduct Authority (FCA) has announced that it will not compel or persuade LIBOR panel banks to submit to LIBOR after the end of 2021, calling into question LIBOR’s existence after that date and accelerating efforts to adopt alternative RFRs and fully transition away from LIBOR before it may cease.

This section covers LIBOR in the five currencies in which it is currently published (US dollar, sterling, Swiss franc, Japanese yen and euro), EURIBOR, TIBOR, Euroyen TIBOR, BBSW, HIBOR and CDOR (each an IBOR) and their current administrators, as well as information about the alternative RFR for each IBOR, the administrators for the alternative RFRs, and the designated public-/private-sector working group for each relevant jurisdiction.


IBOR Currency
IBOR IBOR Administrator Alternative RFR Alternative RFR Administrator Public-/Private Sector Working Group Fallback-related Announcements
Bank Bill Swap Rate (BBSW) Australian Securities Exchange (ASX) Reserve Bank of Australia Interbank Overnight Cash Rate (AONIA) Reserve Bank of Australia (RBA) The IBOR Transformation Australia Working Group
Canadian Dollar Offered Rate (CDOR) Refinitiv Canadian Overnight Repo Rate Average (CORRA) Bank of Canada Canadian Alternative Reference Rate Working Group (CARR) Refinitiv announcement regarding cessation of 6m and 12m CDOR

Bloomberg announcement regarding fallback spread for 6m and 12m CDOR

ISDA Tenor Cessation Guidance – 6m and 12m CDOR

LIBOR IBA Euro Short-term Rate (€STR) European Central Bank (ECB) Working Group on Euro Risk-free Rates
Euro Interbank Offered Rate (EURIBOR) European Money Markets Institute (EMMI)
Hong Kong Inter-bank Offered Rate (HIBOR) Treasury Markets Associations (TMA) Hong Kong Dollar Overnight Index Average (HONIA) TMA Working Group on Alternative Reference Rates (WGARR) under the Treasury Markets Association (TMA)
LIBOR IBA Tokyo Overnight Average Rate (TONA) Bank of Japan Cross-industry Committee on Japanese Yen Interest Rate Benchmarks
Tokyo Interbank Offered Rate (TIBOR) Japanese Bankers Association TIBOR Administrator (JBATA)
Singapore Dollar Swap Offer Rate (SOR) ABS Co Singapore Overnight Rate Average (SORA)* MAS Steering Committee for SOR Transition to SORA
London Interbank Offered Rate (LIBOR) ICE Benchmark Administration (IBA) Swiss Average Rate Overnight (SARON) SIX Swiss Exchange National Working Group (NWG) on Swiss Franc Reference Rates
Thai Baht Interest Rate Fixing (THBFIX) Bank of Thailand Thai Overnight Repurchase Rate (THOR)* Bank of Thailand Steering Committee on Commercial Banks’ Preparedness on LIBOR Discontinuation
LIBOR IBA Sterling Overnight Index Average (SONIA) Bank of England Working Group on Sterling Risk-free Reference Rates
LIBOR IBA Secured Overnight Financing Rate (SOFR) Federal Reserve Bank of New York (NY Fed) Alternative Reference Rates Committee (ARRC)

*Note that SORA is the identified alternative for SOR and THOR is the identified alternative for THBFIX. However, these alternatives are not the fallbacks. Instead, ABS Co will calculate and publish a Fallback Rate (SOR) that will be implemented as the contractual fallback for SOR and Bank of Thailand will calculate and publish a Fallback Rate (THBFIX) that will be implemented as the contractual fallback for THBFIX.

UK FCA is the supervisor for the IBA, which is the administrator of LIBOR in all five currencies. It maintains information about the transition away from LIBOR on its website.

Potential Legislation


Risk-free Rate Working Group Market Guidance


ISDA’s Work

ISDA identifies various key ISDA workstreams relating to the reform of IBORs and other interest rate benchmarks and the development of alternative RFRs in this table. ISDA expects to update this document on a quarterly basis.

ISDA conducts its work through a variety of different working groups (WGs): ISDA Americas and Europe Benchmark WG, ISDA APAC Benchmark WG, ISDA JPY Benchmark WG, ISDA EU Benchmark Regulation Advocacy Group and the ISDA IBOR Fallback Implementation Subgroup. To join one of the above WGs:

  • Create an account on the ISDA website;
  • After you create an account, click on the Committees tab and then view My ISDA Committee Dashboard. You can request to join and leave working groups and distribution lists


In 2019, the US CFTC Market Risk Advisory Committee (MRAC) Interest Rate Benchmark Reform Subcommittee recommended ‘plain English’ disclosures for counterparties who continue to transact based on LIBOR and other key IBORs. These disclosures provide helpful background about the potential outcomes for these transactions, including implications for the economics and valuation of the transactions, and are available at CFTC “Plain English” Disclosures for New Derivatives Referencing LIBOR and other IBORs. ISDA maintains a database of supplemental information referenced in these disclosures that provides helpful information for all market participants regarding the IBORs, the alternative RFRs, the administrators for the alternative RFRs and the designated public-/private-sector working group for each relevant jurisdiction.

The CFTC Disclosures contain standard form disclosures intended to relate primarily to the requirements of Rules 23.431, 23.450(g) and 23.605(e) of the Commodity Futures Trading Commission. Persons that intend to use the ISDA DF Disclosure in connection with such or other regulatory requirements should consult legal counsel and risk personnel regarding the appropriateness of the ISDA DF Disclosure for them, their counterparties and their transactions. Each user should consider how any additional disclosure that it may choose to make will relate to the ISDA DF Disclosure. The additional CFTC Disclosures may be found on ISDA’s website here (including the IBOR Alternative Reference Rates Disclosure).

Recent Educational Materials


2. Benchmark Fallbacks/Consultations

To address the risk that one or more IBORs are discontinued while market participants continue to have exposure to that rate, counterparties are encouraged to agree to contractual fallback provisions that would provide for adjusted versions of the RFRs as replacement rates.

ISDA has amended certain ‘floating rate options’ in the 2006 ISDA Definitions to include fallbacks that would apply upon the permanent discontinuation of certain key IBORs and upon a ‘non-representative’ determination for LIBOR. ISDA also amended certain floating rate options that use USD LIBOR as an input to include fallbacks that would apply if USD LIBOR is permanently discontinued or upon a ‘non-representative’ determination for USD LIBOR.

On October 23, ISDA launched the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol. The Supplement amends ISDA’s standard definitions for interest rate derivatives to incorporate robust fallbacks for derivatives linked to certain IBORs. These changes came into effect on January 25, 2021. Transactions incorporating the 2006 ISDA Definitions that are entered into on or after January 25, 2021 include the amended floating rate option (i.e., the floating rate option with the fallback). Transactions entered into prior to January 25, 2021 (so called “legacy derivative contracts”) continue to be based on the 2006 ISDA Definitions as they existed before they were amended pursuant to the Supplement, and therefore will not include the amended floating rate option with the fallback.

The IBOR Fallbacks Protocol facilitates multilateral amendments to include the amended floating rate options, and therefore the fallbacks, in legacy derivative contracts. By adhering to the protocol, market participants agree that their legacy derivative contracts with other adherents include the amended floating rate option for the relevant IBOR and therefore include the fallback. As always, the protocol is completely voluntary and amends contracts only between two adhering parties (i.e., it does not amend contracts between an adhering party and a non-adhering party or between two non-adhering parties). The fallbacks included in legacy derivative contracts by adherence to the protocol are exactly the same as the fallbacks included in new transactions that incorporate the 2006 ISDA Definitions and that are entered into on or after January 25, 2021.

ISDA Statements


Recent Educational Materials


Other Materials


Final IBOR Fallbacks Documentation


For information on fallback-related announcements and guidance on the application of the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol to such announcements, see the table in Section 1 above.


Benchmark Fallback Consultations

Note that the materials in this section are for historical background information only and you should refer to section 3 (Bloomberg: Fallback Spread Vendor) below for information regarding the final adjustments and fallback rates.

Due to the fundamental differences in the nature of IBORs and the RFRs, key adjustments are necessary if fallbacks to RFRs are to take effect in contracts that were originally negotiated to reference the IBORs. ISDA ran public consultations to finalize the adjustment methodologies and subsequently issued a tender invitation for a vendor to perform and distribute these necessary adjustments.

At the request of the Financial Stability Board (FSB) Official Sector Steering Group (OSSG), ISDA also consulted on whether fallbacks for LIBOR should be triggered by a pre-cessation ‘non-representativeness’ determination by the UK FCA, as well as cessation.

These consultations ultimately yielded industry consensus, and more information about them can be found below.

The Brattle Group audited the results of the consultations and provided a memo confirming that the adjustments implemented via the Bloomberg Rulebook are consistent with such results.

Please email questions regarding these consultations to


2020 Pre-cessation Fallback Consultation

This consultation sought input on whether to add a pre-cessation trigger to the permanent cessation fallbacks that ISDA is implementing for LIBOR in its standard documentation.


Supplemental Consultation on Spread and Term Adjustments, including Final Parameters thereof, for Fallbacks in Derivatives Referencing EUR LIBOR and EURIBOR, as well as other less widely used IBORs

This consultation sought input on the approach for addressing certain issues associated with adjustments that would apply to €STR if fallbacks in EURIBOR or EUR LIBOR take effect, including the final parameters for these adjustments. It also asks about adjustments that could apply if fallbacks take effect in less widely used IBORs.


September 2019 Consultation on Final Parameters

This consultation sought input on the final parameters related for the adjustments that will apply to alternative RFRs if derivatives fallbacks are triggered.


Supplemental Consultation on Spread and Term Adjustments for Fallbacks in Derivatives Referencing USD LIBOR, CDOR and HIBOR and Certain Aspects of Fallbacks for Derivatives Referencing SOR

This consultation sought input on the approach for addressing certain issues associated with adjustments that will apply to alternative RFRs if fallbacks take effect for USD LIBOR, CDOR or HIBOR. It also asks a question about fallbacks for SOR, which uses USD LIBOR as an input.


Consultation on Pre-cessation Issues for LIBOR and Certain Other IBORs

This consultation related to pre-cessation issues and sought comments on how derivatives contracts should address a regulatory announcement that LIBOR is no longer representative of an underlying market.


2018 Benchmark Fallbacks Consultation

This consultation sought input on the approach for addressing certain technical issues associated with adjustments that will apply to alternative RFRs if the fallbacks are triggered. These adjustments are necessary because of the differences between the interbank offered rates and the RFRs.


3. Bloomberg: Fallback Spread Vendor

In July 2019, ISDA announced that Bloomberg Index Services Limited (BISL) was selected to calculate and publish adjustments related to fallbacks that ISDA intends to implement for certain interest rate benchmarks in its 2006 ISDA Definitions. These adjustments related to fallbacks and the ‘all in’ fallback rates calculated by Bloomberg are also available through authorized redistributors which include: Refinitiv.


Information about other ISDA benchmark reform initiatives is available below:


In anticipation of changes in the discount rates used by clearing houses of euro and US dollar, ISDA published Supplement 64 to the 2006 ISDA Definitions on March 30, 2020 to allow parties to specify a discount rate in swaption confirmations for which ‘Cleared Physical Settlement’ or ‘Collateralized Cash Price Cash Settlement Method’ is applicable. At the same time, ISDA updated the ISDA Collateral Cash Price Matrix to align the discount rates specified with expected changes in the discount rates.



New Webinar Recording: Collateral Changes for US Dollar and Euro Derivatives (GoToWebinar recording and slide presentation)

The ISDA Collateral Agreement Interest Rate Definitions enable parties to include standardized definitions relating to overnight interest rates in ISDA published collateral agreements such as credit support annexes for variation margin.

  • The first version of the ISDA Collateral Agreement Interest Rate Definitions includes definitions of EONIA (Collateral Rate) and EuroSTR (Collateral Rate).
  • The second version includes slightly modified versions of these definitions, as well as definitions of CORRA (Collateral Rate), SARON (Collateral Rate), SONIA (Collateral Rate), HONIA (Collateral Rate), TONA (Collateral Rate), SORA (Collateral Rate) and SOFR (Collateral Rate).

Other overnight interest rates may be added in subsequent iterations and will be differentiated through different publication dates and version numbers. Please refer to the pre-amble for guidance on the three methods of incorporation of the definitions.

ISDA has also published several Template Amendment Agreements for market participants to use in amending collateral agreements by incorporating the Collateral Agreement Interest Rate Definitions and amending references to EUR interest rates and/or USD interest rates to refer instead to EuroSTR (Collateral Rate) and/or SOFR (Collateral Rate).



On October 1, 2019, EONIA’s administrator, the European Money Market Institute (EMMI), changed EONIA’s methodology to become €STR + 8.5 basis points.  €STR is the Euro Short Term Rate published by the European Central Bank. EMMI also announced that it will cease publication of EONIA after January 3, 2022. Consequently, the Working Group on Euro Risk-free Rates recommended that market participants pro-actively transition to €STR ahead of EONIA’s cessation and that a fallback to €STR + 8.5 basis points be embedded in contracts that continue to reference EONIA ahead of its cessation.

In response, ISDA published a number of documents:

  • Supplement 59 and Supplement 60 to the 2006 ISDA Definitions provide a new Floating Rate Option (EuroSTR) for €STR and an amended version of the EONIA Floating Rate Options so that they have fallbacks based on the EU Risk Free Rate Working Group’s recommendation.
  • A Bilateral Template EONIA Amendment Agreement, which parties can use to amend legacy transactions or existing collateral agreements so that they reference €STR instead of EONIA and/or embed the same fallbacks as provided for in the EONIA and EuroSTR Floating Rate Options and Collateral Agreement Interest Rate Definitions.
  • Additional collateral documentation (as described above).


EU Benchmarks Regulation and Review

Article 28(2) of the EU Benchmarks Regulation requires supervised users of benchmarks to reflect in their client contractual terms the steps they plan to take if certain contingencies occur in relation to a benchmark (such as its cessation). ISDA published the ISDA 2018 Benchmarks Supplement to provide generic fallbacks for use in relation to benchmarks that do not have their own specific fallbacks. For example, the ISDA IBOR fallbacks described above would apply in precedence to those set out in the Benchmarks Supplement in relation to permanent cessation or any pre-cessation trigger. The ISDA 2018 Benchmarks Supplement is jurisdiction agnostic and so may also be of interest to those looking to improve the robustness of their benchmark-referencing derivatives, for example, in response to IOSCO’s Statement on Matters to Consider in Use of Financial Benchmarks.

On October 11, 2019, the European Commission launched a public consultation on the EU Benchmarks Regulation Review, which included (among other things) questions regarding critical benchmarks, like the IBORs, and third country benchmarks. ISDA submitted a response to the BMR Review on December 31, 2019.

Additional information from external sources regarding certain non-ISDA initiatives is available below:

CCP PAI/Discounting Changes:

New Webinar Recording: Collateral Changes for US Dollar and Euro Derivatives (GoToWebinar recording and slide presentation)

  • CFTC MRAC Interest Rate Benchmark Reform Subcommittee Report on CCP Discounting Transition Tabletop Exercise:


5. Relevant Research/Reading Material


Interest Rate Benchmarks Review / Transition to RFRs Review


ISDA-Clarus RFR Adoption Indicator Monthly Reports 


Date Title
January 27, 2021 A Big Milestone for Benchmark Reform
January 14, 2021 Countdown to New Fallbacks
October 26, 2020 A Major Milestone for Benchmark Reform
September 23, 2020 Updating the Fallbacks Timetable
July 2, 2020 Reforming the EU BMR
June 26, 2020 Tackling Tough Legacy
May 28, 2020 From 2006 to 2020
March 18, 2020 Pre-cessation Consultation: Responding to COVID-19
February 5, 2020 Another Look at Pre-cessation
January 24, 2020 New Letters on Pre-cessation Issues Welcome
December 19, 2020 2020 Looming Large
June 10, 2019 Benchmarks and Accounting
May 29, 2019 Another Step to Benchmark Fallbacks
July 4, 2018 The Steps to Benchmark Reform
March 12, 2018 Get Engaged on Benchmark Reform
February 5, 2018 The $370 Trillion Benchmark Challenge
December 13, 2017 Now is the Time to Think About Benchmarks
IQ: ISDA Quarterly
Issue Title
February 2021 Going Green
September 2020 Asian Options
May 2020 Seismic Shift
August 2019 The Road Ahead
August 2018 Benchmark Transformation
April 2018 An Eye to the Future
Date Title
November 2020 Introducing the Swap
November 2020 Episode 1: Goodbye LIBOR
November 2020 Episode 2: The Milestones to LIBOR Transition
November 2020 Episode 3: Building Momentum in Alternative Rates
November 2020 Episode 5: Benchmarks, Biden and Brexit


6. Press Releases/Latest News/Speeches/Presentations
Press Releases / Latest News
Date Title
January 25, 2021 New IBOR Fallbacks Take Effect for Derivatives
November 30, 2020 ISDA Statement on IBA, UK FCA and Federal Reserve Board Announcements on US Dollar LIBOR Consultation
November 18, 2020 ISDA Statement on IBA and UK FCA Announcements on LIBOR Consultations
October 23, 2020 ISDA Launches IBOR Fallbacks Supplement and Protocol
October 9, 2020 ISDA Board Statement on the IBOR Fallbacks Supplement and Protocol
July 29, 2020 ISDA Board Statement on Adherence to the IBOR Fallback Protocol
July 21, 2020 Bloomberg Begins Publishing Calculations Related to IBOR Fallbacks
May 14, 2020 ISDA Publishes Report Summarizing Final Results of Consultation on Pre-cessation Fallbacks for LIBOR
April 15, 2020 ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR
February 25, 2020 ISDA Launches New Consultation on Pre-cessation Fallbacks
February 24, 2020 ISDA Publishes Results of Consultation on Fallbacks for Derivatives Referencing Euro LIBOR and EURIBOR
February 5, 2020 ISDA to Re-consult on Pre-cessation Fallbacks
December 18, 2019 ISDA Launches Consultation on Fallbacks for Euro LIBOR and EURIBOR
December 4, 2019 ISDA Letter to FSB OSSG on Pre-Cessation Issues
November 15, 2019 ISDA Publishes Results of Consultation on Final Parameters for Benchmark Fallback Adjustments
October 21, 2019 ISDA Publishes Report Summarizing Results of Benchmark Fallbacks Consultation on Pre-cessation Issues
September 18, 2019 ISDA Publishes Consultation on Final Parameters for Benchmark Fallback Adjustments
August 9, 2019 ISDA Publishes Preliminary Results of Benchmark Fallbacks Consultation on Pre-cessation Issues
July 31, 2019 Bloomberg Selected as Fallback Adjustment Vendor
July 30, 2019 ISDA Publishes Preliminary Results of Supplemental Benchmark Fallbacks Consultation
May 16, 2019 ISDA Publishes Two Consultations on Benchmark Fallbacks
April 11, 2019 ISDA Letter to the FSB OSSG – Update on Fallbacks for Derivatives
February 4, 2019 ISDA Issues Request for Proposal for Fallback Spread Vendor Role
December 20, 2018 ISDA Publishes Final Results of Benchmark Fallbacks Consultation
December 10, 2018 ISDA Publishes 2018 Benchmarks Supplement Protocol
November 27, 2018 ISDA Publishes Preliminary Results of Benchmark Consultation
September 19, 2018 ISDA Publishes Benchmarks Supplement
July 12, 2018 ISDA Publishes Consultation on Benchmark Fallbacks


Date Title
February 12, 2020 ISDA CEO Scott O’Malia Opening Remarks at ISDA/SIFMA AMG Benchmark Strategies Forum
September 19, 2019 ISDA CEO Scott O’Malia Opening Remarks at ISDA Europe Conference, London
May 29, 2019 The Industry Road Map
January 16, 2019 ISDA CEO Scott O’Malia Guest Remarks at Exchequer Club Luncheon in Washington, DC
September 26, 2018 ISDA CEO Scott O’Malia Opening Remarks at ISDA Europe Conference, London
May 15, 2018 Overview of Benchmark Reform Initiatives


Date Title
May 2020 Benchmarks Update – Key 2020 Milestones and ISDA Deliverables for Derivatives
April 2020 ISDA Benchmark Reform


7. Market Education Calls/Webinars/Conferences
Upcoming Events
Date Title of Event Region
March 10, 2021 ISDA European Annual Legal Forum Online
March 17-18, 2021 Benchmark Strategies Forum Asia Pacific Online
May 10-12, 2021 ISDA 35th Annual General Meeting Virtual Online
Past Events
Date Title of Event Region
December 10, 2020 Understanding the New IBOR Fallbacks (Japan) Online
December 4, 2020 ISDA Webinar: The Path Forward for LIBOR (webinar recording and full transcript) Online
October 23, 2020 ISDA IBOR Fallbacks Webinar Series Online
September 18, 2020 Webinar Recording: Collateral Changes for US Dollar and Euro Derivatives (GoToWebinar recording and slide presentation) Online
September 16, 2020 AcadiaSoft Podcast: Leaving Libor: The Road to Risk Free Rates Online
August 12, 2020 American Banker Bankshot Podcast: Libor is out, but SOFR isn’t quite in Online
July 15, 2020 Webinar Recording: Interest Rate Benchmark Reform: Impact on Accounting under IFRS Online
July 14, 2020 Virtual Conference Recording: The Path Forward for LIBOR Transition Online


Documents (0) for Benchmark Reform and Transition from LIBOR