Financial Stability Board Publishes Progress Report On Implementation Of Recommendations To Reform Major Interest Rate Benchmarks

The Financial Stability Board (FSB) today published Reforming Major Interest Rate Benchmarks which provides a progress report on implementation of its July 2014 recommendations to reform major interest rate benchmarks. The report finds that, since the last progress report published in July 2015, administrators of key interbank offered rates (IBORs) have continued to take steps to implement the recommendations. The report finds most progress has been made by the three major benchmarks of EURIBOR, LIBOR and TIBOR. Reflecting the systemic importance of the reference rates, authorities in the European Union, United Kingdom and Japan have taken steps to regulate the administrators of the IBORs. Member authorities represented on the Official Sector Steering Group (OSSG), benchmark administrators and market participants from other jurisdictions, including Australia, Canada, Hong Kong, Mexico, Singapore and South Africa, have continued to take steps to improve the existing interbank rates in their own jurisdictions.