DOJ Issues Favorable Business Review Letter to ISDA
On October 1, 2020, the U.S. Department of Justice Antitrust Division (“DOJ”) issued a favorable business review letter to the International Swaps and Derivatives Association Inc. (“ISDA”) regarding ISDA’s plans to amend its standard documentation for derivatives to account for the potential discontinuation of certain interbank offered rates (“IBORs”). In their letter, the DOJ noted that “ISDA's proposal has the potential to offer substantial benefits to the financial services industry.”