ISDA, AFME, ICMA, SIFMA and SIFMA AMG have today launched a roadmap that aggregates and summarizes existing information published by regulators and various public-/private-sector risk-free rate (RFR) working groups on the work conducted to date towards transitioning financial products and practices from certain interbank offered rates (IBORs) to the selected RFRs. The roadmap is designed to provide a single point of reference for those interested in understanding more about the motivation behind the initiative and some of the key challenges to be addressed.
Scope and Market Footprint
The roadmap covers LIBOR and certain other IBORs denominated in five currencies: euro, sterling, Swiss franc, US dollar and yen. Based on publicly available data, the roadmap notes that total outstanding notional exposure to the IBORs has been estimated at over $370 trillion. Derivatives, syndicated loans, securitizations, business and retail loans, floating-rate notes (FRNs) and deposits are all significantly exposed to LIBOR and other IBORs.
Next Steps: Global Industry Survey and Report
The roadmap is the first part of a comprehensive analysis of the issues and potential solutions related to transitioning from IBORs for a wide spectrum of financial instruments. The associations are also initiating a global survey of buy- and sell-side firms and infrastructure providers, which will feed into an in-depth report aimed at supporting interest rate benchmark transition planning efforts.
Please click on the attached PDF to read the full roadmap.
Documents (1) for IBOR Global Benchmark Transition Roadmap 2018
Latest
ISDA Publishes Updated ISDA SIMM Governance
ISDA has published an updated version of the ISDA SIMM® Governance Framework, which sets out the principles under which the ISDA Standard Initial Margin Model® operates and the process through which it will be reviewed and amended on a consistent...
ISDA Response to PRA IMA Consultation
On September 18, ISDA, the Association for Financial Markets in Europe, the Institute of International Finance and UK Finance submitted a joint response to the UK Prudential Regulation Authority consultation on adjustments to the internal model approach (IMA) for the...
Calibration Test – IQ September 2026
Calibrating capital requirements is a highly complex undertaking and getting it wrong can have serious consequences. Too much lenience might lead to banks holding insufficient capital to mitigate their risks. But excess conservatism can put balance sheets under strain, forcing...
US Treasury Repo Clearing Indicators July 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities...