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In brief

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

Click here to access the full alert.

Author

Matthew Dening is the Chair of the Firm's Global Derivatives Practice and a member of the Firm’s Structured Capital Markets Group in the London office. He focuses his practice primarily on cross-border structured finance transactions involving derivatives, repos and securities lending, as well as the regulation of financial products under the European Market Infrastructure Regulation (EMIR), MiFID II and the Securities Financing Transactions Regulation (SFTR). Matthew has received acknowledgement from numerous legal industry guides. He has been ranked as a leading expert by Chambers & Partners since 2005, and is currently ranked Band 1 in Structured Finance & Derivatives in the most recent Global edition. They highlight that he "understands complex problems very well, and is able to think about business issues in conjunction with legal requirements," as well as being "incredibly responsive and client-friendly." He regularly acts for buy-side derivatives firms. The UK Legal 500 note him as "a true expert in this area of law, a pleasant person who can explain very difficult matters clearly." Matthew is a member of the Editorial Board of Butterworths Journal of International Banking and Finance Law. He is a frequent speaker and guest panellist at conferences in both the derivative and structured product area, as well as law firm management. He was recently a guest panellist at Thomson Reuters Transforming Women’s Leadership in the Law in 2019.

Author

Iris Barsan joined Baker McKenzie in October 2019 after practicing as a lawyer in a Franco-German law firm. Prior to that, Iris worked for several years in the legal department of the Prudential Control and Resolution Authority and as a financial lawyer in a French banking group (insurance and investment banking). Iris holds a doctorate in French and German law, an LL.M. from the University of Cologne and is a former student of the ENA (Willy Brandt promotion). In addition to her practice as a lawyer, Iris is an assistant professor at the University of Paris XII. She teaches company law (French, European and comparative), European business law, financial regulation and personal data and new technologies law.

Author

Iolie Calochristos is an Associate in Baker McKenzie's London office.

Author

Karl Paulson Egbert advises asset managers and their funds on regulatory, corporate and derivatives matters. Karl is a member of the Firm's North American Financial Institutions Steering Committee. Karl has practiced in New York, London, Hong Kong and Washington, D.C., working on fund formation, listed funds, private equity and capital markets transactions. Karl has spoken at various industry seminars on a wide range of topics including access to Chinese securities markets (Stock Connect, QFII, RQFII, CIBM), and other regulatory issues for investment managers. He is regularly quoted in publications including the Financial Times, the South China Morning Post, Ignites Asia, Asian Venture Capital Journal and Reuters. He is an adjunct professor of Law at the Georgetown University Law Center.

Author

Teresa Ientile is a special counsel in the Banking & Finance team at Baker McKenzie Sydney. Teresa has more than 25 years' experience in advising financial institutions and corporate counterparties on the structuring and documentation of swaps and derivatives transactions. Teresa has previously worked in Baker McKenzie's Melbourne and London offices, and is a member of the Global Steering Committee of the Baker McKenzie Global Derivatives Transaction Practice Group.

Author

Seiji Matsuzoe is a partner in Baker McKenzie's Tokyo office and is a member of the Capital Markets Group in Tokyo. With more than 20 years of experience, Seiji handles a wide range of international financial transactions, including capital markets and structured finance using derivatives. Prior to joining the Firm, he worked at a domestic law firm and other leading international law firms. He also has experience working in London. Seiji was the only lawyer who served as a member of the Study Group on OTC Derivative Market Regulations established by the Financial Services Agency in 2011.

Author

Duncan is a partner in and is head of Baker McKenzie's Banking & Finance group. He was most recently recognised as a key individual for Debt Capital Markets in Australia by Chambers Asia Pacific and was regarded as “a highly commended DCM specialist who is praised by clients for being ‘very technical and able to get his head around the most difficult issues’ and for being ‘proactive, commercial and a good sounding board’.”

Author

Corinne Schot is the managing partner of Baker McKenzie's Amsterdam office as of October 2018 and is also a member of Baker McKenzie's Global Financial Services Regulatory Steering Committee and the Global Pricing Committee. Corinne heads the Amsterdam Diversity & Inclusion Initiative. She joined the Amsterdam Banking & Finance practice as a partner in 2011 and has been consistently recognized as a leading derivatives and financial regulatory lawyer in Chambers Global, Chambers Europe, Legal 500 and IFLR directories.

Author

Dr. Ansgar Schott is a partner in Baker McKenzie's Zurich office.Ansgar advises Swiss and international financial institutions and corporations on all aspects of banking, investment and financial markets law. He is also experienced in financial regulatory matters.