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 Letter to CFTC on Public Interest Determinations for Event Contracts
On July 27, ISDA submitted a letter to the U.S. Commodity Futures Trading Commission (CFTC) on the CFTC’s proposed rulemaking on public interest determinations for event contracts published in the Federal Register on June 12, 2026. ISDA emphasized the importance...
ISDA Letter to BCBS on RMA Models
On July 24, ISDA wrote to the Basel Committee on Banking Supervision (BCBS) to request guidance on how the proposed Risk Mitigation Accounting (RMA) model under International Financial Reporting Standard (IFRS) 9/IFRS 7 should be treated for prudential regulatory capital...
US Treasury Repo Clearing Indicators June 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...
Australia: ISDA responds to ASIC consultation on pre-hedging guidance
On July 27, ISDA submitted a response to the Australian Securities and Investments Commission's (ASIC) consultation on its proposed regulatory guide on pre-hedging. ISDA's response emphasises the importance of international consistency, including alignment with the International Organization of Securities Commissions'...