ISDA today issued a request for proposal (RFP) for an independent service provider to calculate and publish adjustments related to fallbacks that ISDA intends to implement for certain interest rate benchmarks in its 2006 ISDA Definitions. ISDA has undertaken this work at the request of global regulators and industry participants. In advance of publishing the RFP, ISDA held a call on January 25, 2019 to explain the role of a fallback spread vendor. A recording of the call, as well as background materials, are available on the ISDA website. Firms that intend to submit a tender should notify ISDA’s legal department at isdalegal@isda.org by noon EST on February 8, 2019. ISDA will then circulate additional materials and information to firms that have notified ISDA of their intent submit a tender. ISDA anticipates the process for selecting the fallback spread vendor to conclude by the end of the second quarter of 2019. On December 20, 2018, ISDA released the results of a consultation on certain technical aspects of the benchmark fallbacks it intends to implement, including the adjustments that will be calculated and published by the fallback spread vendor. ISDA anticipates implementing the fallbacks by the end of 2019. For Press Queries, Please Contact: Nick Sawyer, ISDA London, +44 203 808 9740, nsawyer@isda.org Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org Amanda Leung, ISDA Hong Kong, +852 2200 5911, aleung@isda.org
ISDA issued a request for proposal inviting independent service providers to tender for the role of calculating and publishing adjustments related to fallbacks for inclusion in its 2006 ISDA Definitions. The trade association plans to conclude the selection process by the end of Q2. The work has been undertaken at the request of global regulators and market participants.