In July, ISDA launched a market-wide consultation on technical issues related to new benchmark fallbacks for derivatives contracts that reference certain interbank offered rates (IBORs). The consultation sets out options for adjustments that would apply to the fallback rate in the event an IBOR is permanently discontinued. Following launch of the consultation, ISDA published a webinar describing the consultation, a set of graphs provided by Bloomberg to illustrate the different term and spread adjustments that are under consideration in the consultation and a set of FAQs.
Today, ISDA published updated FAQs covering questions that market participants have raised since ISDA launched the consultation and a second webinar covering many of the FAQs. This webinar assumes that market participants have viewed the first webinar and reviewed the consultation.
The consultation, FAQs, webinars and Bloomberg graphs are available here. As a reminder, responses are due by October 12, 2018.
Latest
Response to FCA on Ancillary Activities Test
On August 28, ISDA and FIA submitted a joint response to the Financial Conduct Authority’s (FCA) consultation paper CP25/19 on the ancillary activities test to determine if commercial users or producers of commodities that trade in commodity derivatives, emission allowances...
Stress Scenarios for CCP IM Simulators
ISDA has published a paper that explains why stress scenarios that central counterparties (CCPs) use for default fund sizing cannot be used for forward-looking initial margin (IM) simulators. Typically, stress scenarios used by CCPs consist of a single step, transitioning...
Paper on EMIR 3 Active Account Representativeness
On September 4, ISDA, the European Fund and Asset Management Association (EFAMA) and FIA shared a paper with EU policymakers requesting clarification on the implementation of the active account requirement under the third European Market Infrastructure Regulation in relation to...
ISDA In Review – August 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in August 2025.