ISDA has developed a series of short webinars to help market participants understand new fallbacks for derivatives referenced to key interbank offered rates (IBORs).

The first webinar covers the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol. The supplement amends the 2006 ISDA Definitions to include the fallbacks, while the protocol enables market participants to choose to incorporate the fallbacks into their legacy non-cleared derivatives trades with other counterparties that also opt to adhere to the protocol. IHS Markit provides a demonstration and information on how agents can adhere on behalf of certain underlying clients on the ISDA Amend platform.

The second webinar, Methodology and Bloomberg Publication, covers the methodology that is used to calculate the fallbacks that will apply if LIBOR or another key IBOR is discontinued or, in the case of LIBOR, becomes non-representative. It also provides an overview of the calculations and data that Bloomberg uses to produce the fallbacks, the timing for publication of those fallbacks and an example calculation.

The third webinar, Bilateral Templates, ISDA Create and IHS Markit Outreach360, covers the bilateral templates that ISDA has published for counterparties to use in implementing the IBOR fallbacks. The webinar also covers how to negotiate and agree to those templates on ISDA Create, as well as the Outreach360 service provided by IHS Markit for firms to engage with their counterparties on implementation of the new fallbacks.

For additional information from ISDA relating to financial benchmark reform, including the implementation of new derivatives fallbacks, visit the ISDA website.

Please contact benchmarkreform@isda.org with any questions related to these webinars.

IBOR Fallbacks Supplement and IBOR Fallbacks Protocol:

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  If you can’t access the YouTube video above, please click here (best viewed in Chrome).

Methodology and Bloomberg Publication:

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  If you can’t access the YouTube video above, please click here (best viewed in Chrome).

Bilateral Templates, ISDA Create and IHS Markit Outreach360:

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  If you can’t access the YouTube video above, please click here (best viewed in Chrome).