ISDA announced that October 23, 2020 will be the launch date for the IBOR Fallbacks Supplement to the 2006 ISDA Definitions and the ISDA 2020 IBOR Fallbacks Protocol. The release of the official date follows ISDA's receipt of a favorable business review letter from the DOJ regarding the proposed fallbacks supplement and protocol (see previous coverage).
ISDA also announced that the supplement, and amendments made through the protocol, will be effective starting January 25, 2021.
In a statement regarding the launch of the protocol, the Alternative Reference Rates Committee encouraged market participants to adhere to the protocol prior to its effective date and suggested that dealers and market participants with "significant derivatives exposures" adhere to the protocol during the two-week escrow period prior to the official launch.
Primary Sources
- ARRC Press Release: ARRC Supports Forthcoming ISDA IBOR Fallbacks Protocol and Encourages Adherence
- ISDA Statement: ISDA Board Statement on the IBOR Fallbacks Supplement and Protocol
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