ISDA CEO Scott O’Malia provided an update on efforts being made to support the market’s move to RFRs at the group's HIBOR in US . Highlights included reaching a clear market consensus for technical adjustments, developing robust, standardised fallback language for derivatives contracts, and, importantly, agreeing that a consistent approach should be applied to other IBORs. With an estimated $370 trillion notional in exposure to key interbank offered rates, this is an issue that affects us all. ISDA is also about to undertake a consultation on pre-cessation triggers for derivatives, spread and term adjustments for Hong Kong dollar LIBOR, HIBOR and FX , and is working to develop final details for fallbacks, which it plans to complete by tomorrow .
ISDA CEO Scott O’Malia provided an update on efforts being made to support the market’s move to RFRs at the group's HIBOR in US . Highlights included reaching a clear market consensus for technical adjustments, developing robust, standardised fallback language for derivatives contracts, and, importantly, agreeing that a consistent approach should be applied to other IBORs. ISDA is also about to undertake a consultation on pre-cessation triggers for derivatives, spread and term adjustments for Hong Kong dollar LIBOR, HIBOR and FX , and is working to develop final details for fallbacks, which it plans to complete by tomorrow .