It is vital for banks and their business borrowers to look at moving away from the (reformed) bank bill swap rate, Guy Debelle, deputy governor of the Reserve Bank of Australia told a Finsia forum on Friday.In a speech centred on the fading merit of Libor rather than BBSW, Debelle pitched the option of looking to the central bank's own cash rate as the reference rate."For some financial products, it can make sense to reference a risk-free rate instead of a credit-based reference rate," he said. "For instance, floating rate notes issued by governments, non-financial corporations and securitisation trusts, which are currently priced at a spread to BBSW, could instead tie their coupon payments to the cash rate."For other products, he said, "it makes sense to continue referencing a credit-based benchmark that measures banks' short-term wholesale funding costs. This is particularly the case for products issued by banks, such as FRNs and corporate loans. "The counterparties to these products would still need derivatives that reference BBSW so that they can hedge their interest rate exposures."Debelle also urged the (few) banks that participate in the bank bill "to start trading bills at outright yields rather than the current practice of agreeing to the transaction at the yet-to-be-determined BBSW rate. "This change of behaviour needs to occur at the banks that issue the bank bills, as well as those that buy them including the investment funds and state treasury corporations."The RBA, he added "is also playing its part. Market participants have asked us to move our open market operations to an earlier time to support liquidity in the bank bill market during the trading window, and we have agreed to do this."