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


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