6  LIBOR reform and the work still to be accomplished are discussed in Wheatley Review, The Wheatley Review of LIBOR, in note 1. BIS central bankers’ speeches  1  develop and adopt alternative reference rates that better reflect the current structure of U.S. financial markets, in which borrowing and derivatives transactions are much more likely to be secured with collateral.
Going forward, these alternative rates could replace LIBOR as the reference rate for new interest rate derivatives and some other contracts denominated in U.S. dollars. These dual transitions will need to be managed very carefully to avoid disrupting the financing markets on which borrowers and lenders depend.