I fall towards the "very active" end of the spectrum for swaps - using email notifications as a trigger to go and re-offer funds, sizable spreadsheet recording it all to predict the daily payment and do various other maths to things, using fixed rates somewhat religiously. So I'd be happy to see the FRR simply scrapped but I can understand that being a source of irritation for anyone who's aiming for a more "set it and forget it" approach.

So I guess a replacement would need to recreate the advantages of the FRR - it's automated and it follows the market rate... but ideally without recreating the disadvantage of it being a distorting force unto itself. Needs to be a way to have automated rates set without having everyone pile onto exactly the same rate. Which might be impossible... there's always going to be some bulk of uninterested providers that don't care to change the default setting.

But hopefully if more options were created to set auto-rates at different price points, the normal incentive to try and undercut others would spread the heap out at least a little bit. I'd be interested to see the effect of an offset field - let people specify "FRR + 0.1%" or whatever. Hopefully we'd get a bell curve centred on the FRR, which would at least offer the opportunity for fixed rates to be mixed in amongst the variable rates, rather than the current binary of "Above FRR: Doesn't get taken all week" vs "Below FRR: might get taken so long as the FRR doesn't move down first".