The International Swaps and Derivatives Association (ISDA), has launched the ISDA 2020 IBOR Fallbacks Protocol (the ISDA Protocol) to facilitate the smooth transition away from IBORs to ARRs, as well as a supplement to the 2006 ISDA Definitions (the Supplement). FAB has adhered to the ISDA Protocol. FAB encourages all of its clients to inform themselves about the ISDA Protocol and the Supplement and consider whether it would be appropriate for them to adhere to the ISDA Protocol. FAB has prepared this communication to highlight publicly available information about the ISDA Protocol and the Supplement, in order to further inform your decision-making process.
Many leading regulators and industry groups2345 are encouraging market participants to adhere to the ISDA Protocol as one of the key milestones to transition away from IBORs.