Where such multiple rates exists and are deemed credible, it is envisioned that this will encourage market participants to move away from the current practice where derivative contracts reference risk-inclusive benchmarks (i.e. Jibar in South Africa) to Page 9 of 13  one where they reference an RFR.
We regard a credit-based interest rate benchmark as appropriate for typical credit products, as it provides a hedge against any adverse changes in the credit risk embedded in the underlying instrument. However, for other purposes, especially derivative contracts, an alternative reference rate that is closer to being risk-free may be more appropriate.