Handling of Cleared Contracts at JSCC IRS clearing service with regard to amendments to ISDA Definitions dealing with Benchmark Reform (Permanent Cessation of LIBOR)

On October 23, 2020, International Swaps and Derivatives Association (ISDA) published the "Amendments to the 2006 ISDA Definitions to include new IBOR fallbacks Supplement number 70 to the 2006 ISDA Definitions" and other related documentations.

By these amendments, the terms of the 2006 ISDA Definitions as amended (so-called fallback provisions, etc.) shall apply to the IRS Cleared Contracts that have already been cleared as of January 25, 2021, the scheduled effective date of the amendments, and the Cleared Contracts to come into force through clearing on and after such scheduled effective date, in accordance with the provisions of the rules concerning JSCC's IRS clearing service.

(Update on March 26, 2021)
Under "Handling of Cleared Contracts at JSCC IRS clearing service (bulk conversion to OIS trades) towards Benchmark Reform Permanent Cessation of LIBOR)" published on March 26, 2021, Cleared Contracts whose Floating Rate Option is JPY-LIBOR and subject to terms of the 2006 ISDA Definitions as amended (so-called fallback provisions, etc.) will not exist when fallback language is applied.

Handling of Cleared Contracts at JSCC IRS clearing service (bulk conversion to OIS) towards Benchmark Reform (Permanent Cessation of LIBOR)

【Contact for Inquiry】
OTC Derivatives Clearing Service
Japan Securities Clearing Corporation
TEL: 050-3361-1794
Contact Point https://www.jpx.co.jp/jscc/en/form/contact.html