On August 25, 2021, ISDA submitted a response to the Financial Conduct Authority’s (FCA) CP21/22 on LIBOR transition and the derivatives trading obligation (DTO). Currently, the classes of derivatives that are subject to the DTO are swaps referencing US dollar LIBOR, sterling LIBOR, EURIBOR and certain credit default swaps. The FCA is modifying the DTO in light of interest rate benchmark reform and the transition from LIBOR to risk-free rates.
While we generally support the FCA’s proposals, we have asked the FCA to consider phasing in any new products to be included within the scope of the DTO. This would help to alleviate the pressures on firms currently working hard to effect LIBOR transition by the end of 2021.
Documents (1) for ISDA Responds to FCA on LIBOR Transition and the DTO
Latest
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Please download the attached Excel worksheet and fill out a separate row for each adherence. Then select and upload your completed file using the buttons below. If any errors are found, please correct and re-upload. Please allow the process time...
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A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in May 2025.