Libor End Game Enters Next Phase With New Derivatives Protocol
- ISDA publishes standardized language for derivatives contracts
- JPMorgan, Credit Suisse, Goldman Sachs among firms signing up
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The global migration away from the London interbank offered rate hit a critical juncture Friday, with a new legal protocol opening the way for a wider adoption of alternative benchmarks.
The International Swaps and Derivatives Association, or ISDA, unveiled standardized contractual language, which will allow firms that haven’t fully prepared for Libor’s exit to incorporate transition clauses into their agreements.