This benchmark module enables parties to Protocol Covered Documents to amend the terms of each such Protocol Covered Document to (i) in respect of a Protocol Covered Document which incorporates, or references a rate as defined in, a Covered ISDA Definitions Booklet, include in the terms of such Protocol Covered Document certain terms relating to fallbacks for a Relevant Benchmark included in Version 7.0 of the ISDA 2021 Interest Rate Derivatives Definitions (the “2021 Definitions”) or such equivalent provisions as they relate to that Covered ISDA Definitions Booklet and (ii) in respect of a Protocol Covered Document which otherwise references a Relevant Benchmark, include in the terms of such Protocol Covered Document new fallbacks for that Relevant Benchmark. Relevant Benchmarks include CIBOR, MosPrime and TELBOR.

The ISDA 2023 Equity Swap – 2021 Definitions Protocol (the “Equity Swap Protocol”) offers market participants an efficient way to update certain Equity Swap transactions to reference the ISDA Interest Rate Derivatives Definitions (the “2021 Definitions”) replacing the 2006 ISDA Definitions.