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Announcements December 17, 2021

Inclusion of PHIREF in the ISDA Supplemental Protocol

On December 16, 2021, the International Swaps and Derivatives Association, Inc. (ISDA) has published a new set of fallbacks for derivatives referenced to certain interbank offered rates (IBORs).

 

In line with this, the BAP Open Market Committee and the BAP OMC Benchmark Committee are pleased to share that the Philippine Interbank Reference Rate (PHIREF) was included in the ISDA Supplemental Protocol as part of a new set of fallbacks for derivatives referenced to certain interbank offer rates.

 

ISDA has published a supplement to the 2006 ISDA Definitions, including a new version of the 2021 ISDA Interest Rate Derivatives Definitions to enable parties to include the fallbacks into new derivatives transactions from today. 

 

The December 2021 Benchmark Module of the ISDA 2021 Fallbacks Protocol has also been published to allow firms to incorporate the fallbacks into all legacy derivatives contracts with counterparties that also adhere to the protocol. That module is effective from today, and other modules covering additional IBORs may be published in future.

 

Read the official announcement by ISDA here.

 

More information on benchmark transition and fallbacks work is available on ISDA’s website