On 12 July 2018, the Financial Stability Board (FSB) published a statement on reforms to interbank offered rates (IBORS) and the development of overnight risk-free, or nearly risk-free, rates (RFRs) and term rates. The statement is intended to provide market participants and other stakeholders with the FSB’s views ahead of a forthcoming consultation by the International Swaps and Derivatives Association which contemplates fall backs for certain derivative contracts based on overnight RFRs.