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JC - Legal Updates - Modified MIFOR added to 2006 ISDA Definitions

Legal Updates

09 Sep 2021

Modified MIFOR added to 2006 ISDA Definitions

The International Swaps and Derivatives Association Inc. (“ISDA”) released a supplement (Supplement number 85) to its 2006 ISDA Definitions, introducing Modified Mumbai Interbank Forward Outright Rate (“MIFOR”), provided by Financial Benchmarks India Pvt Ltd, as a rate option (“Supplement”). Modified MIFOR is the identified replacement for MIFOR.

The Reserve Bank of India (“RBI”) had previously urged banks to move from MIFOR to Modified MIFOR for fresh contracts.

Further, to safeguard users from unavailability or cessation of the Modified MIFOR (in backdrop of the impending cessation of the  London Inter-bank Offered Rate and other Inter-bank Offered Rates (“LIBOR/IBORs”)), ISDA has also included a robust fallback mechanism for such a case. Upon cessation of the Modified MIFOR, transactions referencing it will fall back on a rate recommended as replacement by its administrator (“Recommended Modified MIFOR”). A further fallback to calculation by agents has also been provided for unavailability or cessation of the Recommended Modified MIFOR.

The Supplement will be effective on 9th September 2021. The Supplement is in line with ISDA’s continued efforts for ensuring a smoother transition away from LIBOR/IBORs. Some of its other efforts include the ISDA 2020 IBOR Fallbacks Protocol and the Supplement number 70 to the ISDA 2006 Definitions.


For any further information, please contact Mr. Jayesh H (jayesh.h@jclex.com), Mr. Ankit Sinha (ankit.sinha@jclex.com) or Ms. Smrithi Nair (smrithi.nair@jclex.com).