The LIBOR transition and protocol for U.S. derivatives end-users: What you need to know

Global regulators announced several years ago that 2021 was the target year to transition from LIBOR (London Interbank Offered Rate) to alternative reference rates. In October 2020, after a number of industry consultations, the International Swaps and Derivatives Association (ISDA) published a LIBOR transition protocol and modifications to the 2006 ISDA Definitions in order to implement the LIBOR transition.

On Thursday, December 3, Hogan Lovells joined forces with FTI Consulting for a webinar to provide an integrated approach to reviewing the current state of the LIBOR transition for derivatives and a step-by-step documentation and economic analysis of the protocol and alternatives.

The following topics were addressed:

  • The current state of the LIBOR transition.
  • The structure of ISDA's transition protocol and guidance on adherence for legacy and new trades.
  • LIBOR cessation events.
  • Fallbacks-SOFR-economic explanation, economic assumptions embedded in the protocol, and possible effects.
  • Amendments to the 2006 ISDA Definitions.
  • Documentation alternatives to the protocol – harmonizing the cash and derivatives transition.
  • A cost-benefit analysis of bespoke negotiation.

If you have any questions regarding the event please contact Melissa Chance or Taylor Martel.

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