ISDA has published guidance related to today’s announcement by the UK Financial Conduct Authority (FCA) on the future cessation and loss of representativeness of the LIBOR benchmarks. The guidance covers euro LIBOR, sterling LIBOR, Swiss franc LIBOR, US dollar LIBOR, yen LIBOR, the Singapore dollar Swap Offer Rate and the Thai Baht Interest Rate Fixing.
The guidance describes how the terms of the ISDA 2020 IBOR Fallbacks Protocol and the IBOR Fallbacks Supplement apply to the FCA LIBOR announcement, as well as how the terms of the 2006 ISDA Definitions Benchmarks Annex to the ISDA Benchmarks Supplement apply to that announcement.
This guidance is not legal advice and market participants should consult their legal advisors as appropriate. Market participants should not rely on this guidance for any purpose but should review the contractual terms of each affected transaction in order to understand the effects of the events described above. ISDA does not assume any responsibility for this guidance and it is not intended to set a precedent. Parties are not obliged to follow this guidance. For cleared transactions and transactions executed on electronic confirmation platforms, market participants should refer to the contractual terms of the applicable clearing house or confirmation platform, as applicable.
Documents (2) for ISDA Guidance: UK FCA Announcement on the LIBOR Benchmarks
Latest
FRTB Impact on Correlation Trading
The capitalization of the correlation trading portfolio (CTP) under the Fundamental Review of the Trading Book will have an adverse economic impact for users of these instruments. In particular, there is a lack of clarity and consistency in the application...
ISDA In Review – September 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in September 2025.
A Path to Greater CFTC-SEC Alignment
Earlier this week, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) held a roundtable on regulatory harmonization – an initiative we wholeheartedly support. The US regulatory framework has evolved over time to facilitate financial markets...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.