On 11 June 2021, the International Swaps and Derivatives Association (ISDA) launched a new consultation on how to implement fallbacks for certain swap rates published by ICE Benchmark Administration.

Specifically the ISDA’s new consultation seeks input on the implementation of:

  • Fallbacks for the sterling LIBOR ICE Swap Rate suggested in a paper published by the Non-Linear Task Force of the Working Group on Sterling Risk-Free Reference Rates in the UK.
  • Fallbacks for the US dollar LIBOR ICE Swap Rate proposed in a paper published by a Subcommittee of the Alternative Reference Rates Committee in the US.

The consultation is open until July 2, 2021. The deadline will not be extended.

The ISDA aims to publish the results of the consultation in July.