12  14  16  18  Year 2  Figure 3  Toward Interest Rate Benchmark Reform   Decrease in the reliability of LIBOR, which has been widely used in various areas  Concerns over smooth pricing in financial markets, including the derivative market   Influence on corporate financing through loans and bonds Potential threat to financial stability  Interest Rate Benchmark Reform  Restore the reliability of interest rate benchmarks  Secure robustness to prevent fraudulent manipulation 3  Direction of Interest Rate Benchmark Reform  Figure 4  USD  SOFR （Secured Overnight Financing Rate）  EUR  JPY  € （Euro Short-Term Rate）  TONA (Uncollateralized overnight call rate, Tokyo Overnight Average rate)  EURIBOR  TIBOR  ・・・ Risk-free rates identified in each currency ・・・ Existing interest rate benchmarks that include bank credit risk 4  Results of Public Consultation on the Appropriate Choice and  Figure 5 Usage of Japanese Yen Interest Rate Benchmarks （excerpt） Options for alternative benchmarks to JPY LIBOR Loans  Bonds Compounded average of the uncollateralized O/N rate 8%  TIBOR 30%  TIBOR 5%  Compounded average of the uncollateralized O/N rate 37%  Term Reference Rates 62%  Term Reference Rates 58%  To be published by mid-2021 Note: Multiple answers allowed.
Interoperability concerns both the technical compatibility of cards and card terminals (one of the domains for which the ERPB has issued recommendations) and cards processing.