However, I see nothing wrong with a reference rate that more accurately reflects the volatility of the market it represents. We are working closely with the LIBOR administrator, IBA, and with its regulator, FCA, to explore these issues.
The third  BIS central bankers’ speeches  5  factor of efficiency is assurance. All the stakeholders should have assurance in using the retail payments system. The retail payment system should have inbuilt capability to protect consumers’ interest, particularly in the electronic payment environment.