The International Swaps and Derivatives Association (Isda) has today published a statement summarizing the preliminary results of a consultation on technical issues related to new benchmark fallbacks for derivatives contracts that reference certain interbank offered rates (Ibors).
The consultation, which was launched in July , covered the proposed methodologies for certain adjustments that would apply to the fallback rate in the event an Ibor is permanently discontinued. ‘The development of robust contractual fallbacks for derivatives that reference Libor and other key Ibors is critical to ensure financial stability in the event an Ibor ceases to exist,’ said Scott O’Malia ( pictured ), Isda chief executive, adding that the association intends to publish
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