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.
The group contains people from all around the world on the buy side, including corporates and asset managers, and the sell side, along with trading platforms, ECNs and non-bank participants, drawing from the various Foreign Exchange Committees (FXCs) and beyond. There are a number of members of David’s group that are from the London market including non-banks, platforms, asset managers as well as banks.