BSBY swap fallbacks too flimsy for BMR – FCA

Pressure piles on SOFR alternative as US, UK regulators axe their role in Isda replacement waterfall

FCA mulls legal powers for USD Libor holdouts

Contracts referencing Bloomberg’s Short-Term Bank Yield index, or BSBY, have been pushed further out of reach after a key regulator warned that fallbacks contained in interest rate swap definitions devised by the International Swaps and Derivatives Association are too flimsy to comply with the UK Benchmarks Regulation (BMR).

Isda has produced so-called fallback language within its interest rate definitions, which sets out a process for shifting instruments to an alternative benchmark should the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here