https://www.rba.gov.au/speeches/2019/sp-dg-2019-04-11.html  2/6  4/12/2019  Progress on Benchmark Reform | Speeches | RBA  The currency most progressed on developing a term RFR is sterling. But the recent consultation run by the UK working group found that there would need to be a ‘step change’ in activity in derivatives markets for a term SONIA rate to be sufficiently robust.
[4] At the other end of the spectrum, the Swiss working group has found that a term RFR is not feasible given the low level of activity in derivatives referencing the Swiss franc RFR. [5] While the development of term RFRs is desirable, it is not yet clear that they will be sufficiently robust.