New Isda ‘fallbacks’ critical to making Libor transition a ‘non-event’
New protocol and supplement offer a transition away from Libor rates in 2021
Much of the transition of approximately $350 trillion of financial derivatives contracts away from references to the scandal-hit London interbank offered rate is expected to be completed by the end of 2021. If this transition takes place without too much furore, it will be in large part due to the publication of the International Swaps and Derivatives Association’s (Isda’s) Ibor Fallbacks Supplement (to its 2006 Definitions) and Ibor Fallbacks Protocol in October.
These new fallback
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