For the thousands of financial institutions anxiously watching the discontinuation and transition from certain interbank offered rates (“IBORs”) [1], 2020 just got a little less chaotic. On Thursday, October 1, 2020, the United States Department of Justice Antitrust Division issued its highly anticipated Business Review Letter [2] blessing ISDA’s proposed protocol for derivatives contracts that reference the soon-to-be-discontinued IBORs. The DOJ concluded that “ISDA’s proposal is unlikely to produce anticompetitive effects,” that “ISDA’s proposal has the potential to offer substantial benefits to the financial services industry,” and that “the Department does not presently intend to challenge ISDA’s proposed amendments to its standardized documentation.” A copy of the Antitrust Division’s
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The US DoJ releases a positive Business Review Letter blessing the amendments of the International Swaps and Derivatives Association to address interest rate benchmarks (International Swaps and Derivatives Association)
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