I understand that it is important for the individual bank that decisions can be made locally at the counter. However, I am not quite sure to which extent this would require changes to fundamental legal principles. Banks already act as intermediaries on behalf of other legal entities such as investment associations, insurance companies, etc.
Good progress is being made on developing new market conventions for trading cross-currency basis swaps, referencing RFRs or combinations of RFRs and IBORs, to give market participants the choice. Regulators in the region are also seeking to strengthen the contractual fall-backs for their benchmarks at the same time as LIBOR.