As is well understood, the preferred alternative rates in most jurisdictions are either risk-free or near-risk-free, and most of them are overnight rates. 3 See https://www.isda.org/2018/07/12/isda-publishes-consultation-on-benchmark-fallbacks/. Page 5 of 13  Barclays points out in a research report recently published that ‘there are key differences between instruments linked to Ibors and overnight risk-free rates in terms of market convention and operation.
[…] These differences are a major impediment to seamless adoption and in facilitating a smooth transition to risk-free rates’.4 Secondly, the transition is not expected to take place at the same time – some jurisdictions will probably move ahead of others.