What does the 5 March 2021 announcement by the UK Financial Conduct Authority on the future cessation or loss of representativeness of all 35 LIBOR benchmarks mean for the over 13,500 adherents to the ISDA 2020 IBOR Fallbacks Protocol and its fallbacks supplement? What does it mean for the counterparties using bilateral amendment agreements that incorporate the Fallbacks Protocol and Fallbacks Supplement? What does it mean for those counterparties that have entered into new derivatives arrangements, from 25 January 2021, incorporating the 2006 ISDA Definitions, which, since that date, now include the Fallbacks Supplement as its ‘freshly minted’ Supplement 70?
