ICE Benchmark Administration Ltd (IBA) has published its roadmap for the evolution of LIBOR following its consultation process launched in October 2014. The roadmap sets out reforms to reduce the risk profile of LIBOR and create the conditions for more banks to participate. To achieve these objectives, the IBA will, amongst other things: (i) implement a uniform submission methodology for LIBOR panel banks based on parameters defined by IBA and the LIBOR Oversight Committee; (ii) publish a single, clear, comprehensive and robust LIBOR definition; and (iii) implement a construct for ensuring LIBOR can adapt to changing market conditions with appropriate consideration for the interests of all stakeholders. The standardising and updating measures set out in the roadmap will be implemented progressively during 2016.