APLMA: Asia Pacific Loan Market Association.
APRA: Australian Prudential Regulation Authority.
ARRC: Alternative Reference Rates Committee. It is established by the Federal Reserve Board and the Federal Reserve Bank of New York to help ensure a successful transition away from USD LIBOR across the markets that have historically used it.
ASIC: Australian Securities and Investments Commission.
BBSW: Bank Bill Swap Rates, administered by the Australian Securities Exchange.
CCP: Central Counterparty Clearing House.
EURIBOR: Euro Interbank Offered Rate, administered by the European Money Markets Institute.
FCA: Financial Conduct Authority is the regulator of LIBOR in the UK.
FSB: Financial Stability Board is an international body that monitors and makes recommendations about the global financial system. It plays a coordinating role in benchmark reform globally.
FALLBACK: In the context of LIBOR a fallback is typically a contractual clause that provides an alternative way of determining the rate as and when LIBOR ceases to be published, or becomes unrepresentative. For example, a fall-back to a risk-free rate with an adjusted margin.
IBA: ICE Benchmark Administration. Administrator of LIBOR.
IBORs: Interbank Offered Rates are based on the rates at which certain banks could borrow in the market for unsecured institutional borrowing, which range in tenors from overnight to 12 months. The rates reflect the credit risk involved in lending money to banks. In this document, LIBOR, EURIBOR, TIBOR, BBSW, CDOR and HIBOR are collectively known as the IBORs.
ISDA: International Swaps and Derivatives Association.
ISDA Protocol: ISDA 2020 IBOR Fallbacks Protocol.
LIBOR: London Interbank Offered Rate, administered by IBA.
LMA: Loan Markets Association.
LSTA: Loan Syndications and Trading Association.
RBA: Reserve Bank of Australia.
RFRs: Risk-free rates are rates that are overnight rates. Some are secured and some are unsecured rates. Because of their nature and short tenor they are considered ‘risk free’. Examples of RFRs include SONIA, TONA, SARON, SOFR, the RBA cash rate, €STR, CORRA and HONIA.
SARON: Swiss Average Rate Overnight, administered by SIX Exchange.
SIBOR: Singapore Interbank Offered Rate, administered by ABS Benchmarks Administration Co Pte Ltd (ABS Co.).
SOFR: Secured Overnight Financing Rate, administered by the Federal Reserve Bank of New York.
SONIA: Sterling Overnight Index Average, administered by the Bank of England.
SOR: Swap Offer Rate, administered by ABS Benchmarks Administration Co Pty Ltd which is a fully owned subsidiary of the Association of Banks in Singapore.
SORA: Singapore Overnight Rate Average, published by the Monetary Authority of Singapore.
RFRWG: Sterling Risk-Free Reference Rates Working Group.
TERM RATE: A forward-looking rate. Term rates can be for different periods. LIBORs are term rates. An RFR term rate would reflect expectations of the RFR throughout the period of the relevant term.
TONA: Tokyo Overnight Average Rate, administered by the Bank of Japan.