On 23 October 2020, ISDA launched the ISDA 2020 Fallbacks Protocol (the IBOR protocol) and the ISDA Fallbacks Supplement to the 2006 ISDA Definitions (the IBOR Supplement).
In this alert we provide a summary of the protocol and supplement, its implications and suggested next steps for firms regarding their derivatives documentation:
- New RFRs
- The IBOR Supplement: Derivative Transactions entered into on or after 25 January 2021
- The IBOR Protocol: Legacy Derivative Transactions
- Bilateral Amendments
- Key Points to Note
- IBOR Protocol or Bilateral Amendments?
- Next Steps