The Bank of England working group on sterling risk-free reference rates (RFRs) has published an interim report on its work. The working group was established by the Bank to identify and implement an RFR as an alternative to sterling LIBOR, particularly for use in sterling interest rate swaps. The report sets out the progress of the working group to date and also sets out details of its work programme for 2016.  The working group expects to be in a position to recommend a preferred RFR by the end of 2016.