In confronting these and similar challenges, I would suggest that a focus on the actual nature of liabilities associated with a firm’s activities provides a good starting point for sound analysis. Finally, let me mention asset managers briefly.
For instance, in recent years, market participants have moved to use overnight-indexed swap (OIS) rates more often when discounting the cash flows in their swaps. The FSB, through its official sector BIS central bankers’ speeches  7  steering group (OSSG) on benchmark reform, is encouraging market participants to contemplate switching from credit-based benchmark rates like BBSW or LIBOR to risk-free rates, where appropriate.