Contracts should be checked for consistency with the new regulations and 9 / 10  BIS central bankers' speeches  robust fallback rates should be specified to ensure continuity in the event of disruption. For EURIBOR, while the private sector is currently reforming the benchmark, sufficient safeguards should be established in all contracts to mitigate the risk of potential adverse scenarios.
Last but not least, market participants should spread the word to ensure that in particular smaller and less sophisticated market participants are aware of the need to prepare for the new benchmarks and to take active steps to adjust systems, processes and contracts. Time is running short. Thank you. 1 See the presentation entitled Update on quantitative mapping exercise on the ECB’s website.