An important set of protocols to help the transition away from the tarnished interbank offered rates (Ibors) to alternative interest rate benchmarks have been given the green light by the US Department of Justice (DoJ), but industry still faces struggle to be ready on time.
Despite DoJ ruling that certain fallback protocols drafted by the International Swaps and Derivatives Association (ISDA) do not breach antitrust rules, the financial sector still faces a tough task in transitioning to alternative risk free rates.
