On 25 January 2021, the ISDA announced that new fallbacks for derivatives linked to key interbank offered rates have come into effect. The fallbacks, published by the ISDA, will be incorporated into all new derivatives contracts that reference ISDA’s standard interest rate derivatives definitions. They will also be included in legacy non-cleared derivatives if the counterparties have bilaterally agreed to include them or both have adhered to the IBOR Fallbacks Protocol.