Isda to poll Libor users on pre-cessation triggers, again

Trade body seeks clarity on zombie lifespan and CCP response as it bows to regulatory pressure

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Derivatives users will be asked to vote again on whether swaps can be moved to alternative risk-free rates (RFRs) before Libor’s inevitable demise after an initial poll on the matter failed to satisfy regulators.

A May 2019 consultation on so-called ‘pre-cessation’ triggers in swap fallbacks failed to produce a consensus on flipping contracts to overnight rates if Libor is deemed unrepresentative of underlying funding markets. The International Swaps and Derivatives Association will now reopen

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