There has been significant progress made to date, and market participants must continue to act in order to ensure an orderly transition and to support the foundations necessary for a sustainable and stable financial system going forward. Given the limited time ahead, the FSB stresses that it is critical that market participants act expeditiously to ensure that their legacy contracts are prepared to transition by end-June 2023.

The FSB also emphasises the ongoing importance of market participants choosing to use robust reference rates in their contracts, as it is essential that the financial system is anchored in these robust reference rates that reflect deep, credible, and liquid underlying markets.