For new contracts that are being written with maturity dates beyond 2021, careful consideration must be given to how these contracts are designed. To allow for contract robustness, participants must already build in provisions that allow for a relatively easier adjustment to a fall-back arrangement. All this pertains to preparing for a somewhat predictable future.
But there is also a need to prepare for the unpredictable future. In this regard, there remain a number of unanswered questions. The first is whether market participants will migrate to a single rate, given all the differences between the existing Ibors and their alternatives.