Both global liquidity and the adjustment mechanism can be interpreted as global public goods (see e.g. Eichengreen 1987, Camdessus 1999, Dorrucci and McKay 2011).
However, to ensure that BBSW remains robust in the near term, it may be necessary for market participants to continue transacting over the phone but at outright yields, and for the benchmark administrator to use these transactions to calculate the VWAP.