On 19 November 2019, the Financial Stability Board (FSB) published a letter (dated 15 November 2019) from the co-chairs of its Official Sector Steering Group (OSSG) of regulators and central banks to the International Swaps and Derivatives Association (ISDA).

In the letter the co-chairs of the OSSG thank the ISDA for its work on more robust fallback language for derivatives referencing key Interbank Offered Rates (IBORs). They add that an important consideration to reduce systemic risk and market fragmentation is to ensure that as much of the swaps market as possible falls back to alternative rates in a coordinated fashion. The ISDA are asked to include a pre-cessation trigger alongside the cessation trigger as standard language in the definitions for new derivatives and in a single protocol, without embedded optionality, for outstanding derivative contracts.

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