The International Swaps and Derivatives Association (“ISDA“) published an interbank offered rate (“IBOR“) global benchmark transition roadmap, which it has produced alongside a number of other trade associations on March 2, 2018.

The roadmap aggregates and summarises existing information issued by regulators and various risk-free rate (“RFR“) working groups on work carried out to date on transitioning financial products and practices from certain IBORs to selected RFRs.

The roadmap covers the London Interbank Offered Rate (LIBOR) and certain other IBORs denominated in euro, sterling, Swiss franc, US dollar and yen.

In the accompanying press release, ISDA stated that the roadmap is the first part of a comprehensive analysis of the issues and possible solutions relating to transitioning from IBORs for a wide range of financial instruments. The trade associations (which also include the Association for Financial Markets in Europe (“AFME“), the Securities Industry and Financial Markets Association (“SIFMA“) and the International Capital Market Association (“ICMA“)) will also be conducting a global survey of buy- and sell-side firms and infrastructure providers that will feed into a report aiming to support interest rate benchmark transition planning efforts.

ISDA announced its intention to develop a global benchmark transition roadmap in November 2017.