Note that the materials in this section are for historical background information only and you should refer to the Benchmarks Hub, section 3 (Bloomberg: Fallback Spread Vendor) 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 FallbackConsult@isda.org.
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.
- Results
- Consultation
- Webinar Recording: 2020 Consultation on How to Implement Pre-cessation Fallbacks in Derivatives (Slide presentation with annex)
- June 2020 Follow-up Letter to ISDA from the UK FCA
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.
- Results
- Consultation
- Workbook: Historical mean/median approach to the spread adjustment (Instructions for using workbook)
- Webinar Recording: ISDA Consultation on Fallbacks for Derivatives Referencing Euro LIBOR and EURIBOR
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.
- Results
- Consultation
- Workbook: Historical mean/median approach to the spread adjustment (Instructions for using workbook)
- Webinar Recording: ISDA Consultation on Final Parameters for Fallbacks
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.
- Results
- Consultation
- May 2019 IBOR Fallback Consultations – FAQs (Updated June 26, 2019)
- Bloomberg Graphs: May 2019 Supplemental Fallback Consultation
- Market Education Call Recording: ISDA 2019 Fallback Consultations
- Webcast Recording: ISDA IBOR Derivative Fallbacks: May 2019 Consultations
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.
- Results
- Consultation
- May 2019 IBOR Fallback Consultations – FAQs (Updated June 26, 2019)
- Market Education Call Recording: ISDA 2019 Fallback Consultations
- Webcast Recording: ISDA IBOR Derivative Fallbacks: May 2019 Consultations
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.
- Results
- Consultation
- IBOR Fallbacks for 2006 ISDA Definitions – FAQs (Updated September 17, 2018)
- Bloomberg Graphs: 2018 Benchmark Fallbacks Consultation
Latest
ISDA Comments: OSC Call for Feedback
On June 26, 2026, ISDA submitted comments to the Ontario Securities Commission’s (OSC) consultation on facilitating access to its regulatory framework and reducing burden for capital markets participants by publishing a machine-readable dataset of regulatory instruments. The comments are supportive...
ISDA Comments on EP's MISP Draft Reports
On July 15, ISDA shared comments with policymakers in the European Union on the European Parliament’s (EP) draft reports by Member of the European Parliament (MEP) Markus Ferber and MEP Eero Heinäluoma on the Market Integration and Supervision Package (MISP)....
Building Markets, Creating Opportunity
Deep and liquid derivatives markets are fundamental to the development of well-functioning financial markets and healthy economies. They support lending, investment and financial stability, creating the certainty needed for economic growth. But strong derivatives markets do not emerge by chance....
Key Trends in OTC Derivatives Market H2 2025
The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all...