ISDA 2020 IBOR Fallbacks Protocol and ISDA 2020 IBOR Fallbacks Supplement

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