On that note, I look forward to the engaging sessions ahead. Thank you. 5/5  BIS central bankers' speeches
The beginning of the end I will now turn to legacy business and what has come to be referred to as the ‘endgame’. After extensive consultation by ISDA across markets we will shortly have a robust and trusted fallback for trillions of dollars of derivative contracts. We encourage early sign-up to the protocol, but that is not a substitute for continuing to move business onto near risk-free rates. We expect to see more of the sterling swap market to move towards SONIA in the UK given the high likelihood that contracts will be linked to this rate after 2021. We are working with the market on fallbacks for cash instruments, looking to ensure hedge positions convert at the same time as underlying exposures, to minimise the introduction of any new basis risk. We have continued to see firms start to convert Libor linked instruments to alternative rates, for example through consent solicitation processes where over £ of legacy Floating Rate Notes, securitisations and covered bonds have converted to SONIA. We have been clear and consistent in the importance of transitioning away from Libor and that this transition should be a market driven, but we have also acknowledged the authorities have an important role to play.