Both more and better bank capital was needed. At the same time, the set of rules has grown with new types of requirements. These are requirements that have been intended as a 'backstop' to the risk-based requirement. However, supplementary requirements also introduce a risk that the individual requirements may stand in the way of each other.
Given the objective is to better anchor BBSW to transactions in the underlying market, we support moving the calculation methodology to the VWAP. BIS central bankers’ speeches  5  Calculating the VWAP should be feasible for the one, three and six-month BBSW tenors, since these are the most liquid.