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Protocols

December 2023 Benchmark Module of the ISDA 2021 Fallbacks Protocol

Open from December 13, 2023

Closed on November 17, 2025

This December 2023 Benchmark Module is a “Benchmark Module” for the purposes of the ISDA 2021 Fallbacks Protocol (the “Protocol”) and shall be binding with respect to each Adhering Party that adheres to this Benchmark Module.

ISDA has published this Benchmark Module to enable 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 10.0 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. The Relevant Benchmark is WIBOR.

Pursuant to Section 1(b) of the ISDA 2021 Fallbacks Protocol Agreement, ISDA is designating Monday November 17, 2025 as the closing date to the December 2023 Benchmark Module of the 2021 ISDA Fallbacks Protocol. 

Please note in respect of the Relevant Benchmark WIBOR, the October 2025 Benchmark Module to the ISDA 2021 Fallbacks Protocol supersedes the December 2023 Benchmark Module to the ISDA 2021 Fallbacks Protocol, following the designation of POLSTR as the risk-free rate for Poland in replacement of WIRON.

This Benchmark Module does not amend LIBOR contracts: Neither the Protocol nor this Benchmark Module cover fallbacks for LIBOR in any currency. Please see the ISDA 2020 IBOR Fallbacks Protocol if you need to amend contracts to include fallbacks for LIBOR in any currency.

ISDA has prepared this list of frequently asked questions to assist in your consideration of the December 2023 Benchmark Module. Unless otherwise defined herein, capitalized terms used in these FAQs have the meanings given to them in the December 2023 Benchmark Module, the 2021 Fallbacks Protocol, Version 10.0 of the 2021 ISDA Interest Rate Derivatives Definitions (the “2021 Definitions”) or the 2006 ISDA Definitions (as amended by each of Supplement number 1 to the 2006 ISDA Definitions to Supplement number 91 to the 2006 ISDA Definitions, inclusive) (the “2006 Definitions”).

THESE FREQUENTLY ASKED QUESTIONS DO NOT PURPORT TO BE AND SHOULD NOT BE CONSIDERED A GUIDE TO OR AN EXPLANATION OF ALL RELEVANT ISSUES OR CONSIDERATIONS IN CONNECTION WITH THE DECEMBER 2023 BENCHMARK MODULE. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING OR ADHERING TO THE DECEMBER 2023 BENCHMARK MODULE. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION OR OTHER DOCUMENTATION MAY BE PUT.

These FAQs address the following questions:

  1. What does the December 2023 Benchmark Module do?
  2. What constitutes a Relevant Benchmark under the December 2023 Benchmark Module?
  3. How are Protocol Covered Documents that incorporate any of Versions 1.0 to 9.0 of the 2021 Definitions amended by the December 2023 Benchmark Module?
  4. How are Protocol Covered Documents that incorporate the 2006 Definitions amended by the December 2023 Benchmark Module?
  5. How are Protocol Covered Documents that incorporate the 2000 ISDA Definitions amended by the December 2023 Benchmark Module?
  6. How are Protocol Covered Documents that incorporate the 1991 ISDA Definitions as supplemented by the 1998 Supplement to the 1991 ISDA Definitions amended by the December 2023 Benchmark Module?
  7. How are Protocol Covered Documents that reference the Relevant Benchmark “as defined”, or as having the meaning given, in a Covered ISDA Definitions Booklet amended by the December 2023 Benchmark Module?
  8. How are Protocol Covered Documents that reference the Relevant Benchmark that is not defined by reference to an ISDA definitional booklet amended by the December 2023 Benchmark Module?
  9. Which transactions referencing the Relevant Benchmark are covered by the December 2023 Benchmark Module?
  10. Which new concepts from the 2021 Definitions does the December 2023 Benchmark Module insert in Protocol Covered Documents that (i) incorporate a Covered ISDA Definitions Booklet that is not the 2021 Definitions or (ii) contain a generic reference to the Relevant Benchmark without referring to a Covered ISDA Definitions Booklet?
  11. What is an Administrator/Benchmark Event and why has it been included in the December 2023 Benchmark Module?
  12. What are the Supplement 70 General Provisions and the Supplement 90 General Provisions and why are they applied to certain Protocol Covered Documents by the December 2023 Benchmark Module?
  13. What happens if an Index Cessation Event occurs with respect to the Relevant Benchmark?
  14. What happens if the Relevant Benchmark permanently ceases to be available?
  15. What happens if only certain tenors of the Relevant Benchmark are permanently discontinued?
  16. Do the amendments made by the December 2023 Benchmark Module constitute a “Spread Provision” (as defined in the ISDA 2014 Collateral Agreement Negative Interest Protocol published on May 12, 2014 by ISDA)?

You can download the full FAQs here.

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