The FSB has been working with the International Swaps and Derivatives Association (or ISDA)  -6-  to devise better language for derivatives, and ISDA’s Scott O’Malia and Katherine Tew Darras will discuss that work later this morning.
As people now consider the risks around LIBOR for other types of contracts, they will need to go through their documentation to understand what the fallback language is and how it can be improved. We will also discuss those issues today. This is important work, both for the parties to these contracts and for our financial stability.