By way of clarification: when we talk about reference rates in the domestic market, we mean benchmark rates that are used in the pricing of derivative and other financial contracts, while benchmark rates provide price indications in the general market. To facilitate market choice, the Market Practitioners Group4 (MPG) was formed.
The MPG is a joint public and private sector body, which I have the privilege of chairing, with the aim of guiding final decisions on the choice of alternative reference rates and the operationalisation of proposed reforms.