Transcription of IBOR Fallback Rate Adjustments Rule Book
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IBOR Fallback Rate Adjustments Rule Book
IBOR Fallback Rate Adjustments Rule Book BISL IBOR Fallback RATE Adjustments RULE BOOK Background Inter-bank Offered Rates ( IBORs ), a series of interest rate benchmarks, are undergoing a period of change as regulators and industry groups have recommended that firms transition away from the London Inter-bank Offered Rate ( LIBOR ) and other IBORs and prepare to replace them with alternative, overnight Risk Free Rates ( RFRs ). These RFRs, including SOFR (USD), STR (EUR) and SONIA (GBP), are typically administered and published by major central banks worldwide. Transitioning to the RFRs will be a demanding and complex process for the industry as RFRs are structurally different from IBORs.
the IBOR transition is to RFRs produced by central banks. The adjustment calculations described in this Rule Book aim to facilitate this transition and the adoption of these RFRs but the Rate Adjustments are not themselves separate benchmarks for purposesof the EU benchmark regulation (or similar ... “EONIA” means the Euro Overnight Index ...
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