The ISDA 2018 U.S. Resolution Stay Protocol was created to allow market participants to comply with regulations issued by the Board of Governors of the Federal Reserve System (12 C.F.R. §§ 252.2, 252.81-88), the Federal Deposit Insurance Corporation (12 C.F.R. §§ 382.1-7) and the Office of the Comptroller of the Currency (12 C.F.R. §§ 47.1-8) (US Stay Regulations). The US Stay Regulations impose requirements on the terms of swaps, repos and other qualified financial contracts of global systemically important banking organizations.

The ISDA 2018 Benchmarks Supplement Protocol was created to allow market participants to incorporate the ISDA Benchmarks Supplement into relevant transactions under existing master agreements quickly and efficiently.

This protocol 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 either the terms of or a particular defined term included in Supplements to the 2006 ISDA Definitions, and (ii) in respect of a Protocol Covered Document which otherwise references a Relevant IBOR, include in the terms of such Protocol Covered Document new fallbacks for that Relevant IBOR.