The Financial Stability Board (FSB) has published a letter from the co-chairs of its Official Sector Steering Group (OSSG) encouraging the International Swaps and Derivatives Association (ISDA) to add a pre-cessation trigger alongside the cessation trigger as standard language in the definitions for new derivatives and in a single protocol, without embedded optionality, for outstanding derivatives contracts referencing key Interbank Offered Rates (IBORs).