The Financial Stability Board has published a second progress report on reforms to existing major interest rate benchmarks and the development and introduction of alternative near risk-free interest rate benchmarks (RFRs). The report examines progress toward implementing the FSB's recommendations for reforms in this area. Points of interest include: (i) the administrators of LIBOR, EURIBOR and TIBOR have all made progress in implementing the recommendations; and (ii) OSSG members have made good progress in identifying potential RFRs for benchmarks. The OSSG will continue to monitor progress in reforms to interest rate benchmarks and will prepare a final report for publication by the FSB in 2017.