[3]  This is in notional value terms. See Butler M (2019), ‘Ending Reliance on LIBOR: Overview of progress made on transition to overnight risk-free rates and what remains to be done’, Speech at the Investment Association London, 21 February. Available at: <https://www.fca.org.uk/news/speeches/ending-reliance-libor-overview-progress-madetransition-overnight-risk-free-rates-and-what-remains>. [4]  See Working Group on Sterling Risk-Free Reference Rates (2018), ‘Term Sonia Reference Rates Consultation – Summary of Responses’, November.
Available at:  https://www.rba.gov.au/speeches/2019/sp-dg-2019-04-11.html  5/6  4/12/2019  Progress on Benchmark Reform | Speeches | RBA  <https://www.bankofengland.co.uk/-/media/boe/files/markets/benchmarks/term-sonia-reference-rates-consultationsummary-of-responses.pdf?la=en&hash=CFD2AB11A3156B31CB15030962ECA9987BEFCED8> [5]  See National Working Group on CHF Reference Interest Rates (2018), ‘Minutes from the meeting of the National Working Group on CHF Reference Interest Rates (31 October 2018)’, 14 November.