FSR Outlook 2021: Paving the Way Forward

We are pleased to announce the launch of FSR Outlook 2021: Paving the Way Forward. In this annual publication, we survey the regulatory landscape in 2021 and identify some themes that we expect to be at the core of regulatory priorities globally in the next 12 months. Read more

Leaving LIBOR: the ISDA 2020 IBOR Fallbacks Protocol and IBOR Supplement

With LIBOR due to disappear by end-2021, work has been underway to facilitate the transition from LIBOR and other IBORs to alternative risk free rates (or RFRs). The derivatives market has been at the forefront of the transition and is some distance further ahead than other financial markets. In particular, ISDA has recently published the 2020 IBOR Fallbacks Protocol and IBOR Fallbacks Supplement, which introduce hardwired fallbacks from IBORs to relevant RFRs for new products and legacy products. Read more

LIBOR Transition Status Update – October 2020

The cessation of the London Inter-bank Offered Rate (LIBOR) at the end of 2021 has long been an issue vexing the global financial services industry given the scale and geographic spread of exposures to the affected benchmarks across the currencies and terms in which it is published. As we reach what Andrew Bailey, Governor of the Bank of England, has called the “endgame”, we thought it would be useful to publish an update on the status of this transition. In our LIBOR Transition Status Update – October 2020, we draw together key recent developments in this transition and summarise the current status in the most impacted product markets at this critical juncture. Read more