On October 23, ISDA launched a supplement that will amend its standard definitions for interest rate derivatives to incorporate robust fallbacks for new IBOR derivatives entered into from January 25, 2021. From that date, all new cleared and non-cleared derivatives that reference the definitions will include the fallbacks.
Simultaneously, ISDA launched the IBOR Fallbacks Protocol, which enables firms to incorporate the fallbacks into their legacy non-cleared derivatives trades with other counterparties that adhere to the protocol. Those changes will also become effective on January 25.
More than a thousand entities have so far adhered to the protocol, but there are some misunderstandings about what the fallbacks are meant to do. Katherine Tew Darras, ISDA’s general counsel, helps explain some of those misperceptions.
If you can’t access the YouTube video above, please click here (best viewed in Chrome).
Latest
Managing Assets in an Uncertain World: Remarks
Managing Assets in an Uncertain World April 28, 2026 Opening Remarks: The Shift to Digital – Steps to Tokenization Scott O’Malia, ISDA Chief Executive Good afternoon – thanks for joining us for our exclusive Managing Assets in an Uncertain...
Four Directors Join ISDA Board
ISDA has announced that two directors have been elected to the ISDA board and two new directors have been appointed, as ISDA’s 40th Annual General Meeting gets underway in Boston. The newly appointed directors are: Tom Ceusters, Director and Chief...
Episode 56: Countdown to Treasury Clearing
With less than nine months to go until the first US Treasury clearing mandates come into force, BlackRock’s Tyler Wellensiek and BNY’s Nate Wuerffel discuss industry progress. Please view this page via Chrome to access the recording.
Response to Eurosystem Consultation on Appia
On April 22, ISDA responded to the Eurosystem consultation on the Appia roadmap. ISDA broadly supports the roadmap and its high level principles, while recommending that the principle on market access and integration should be expanded to explicitly address interoperability...