IOSCO has published a report on the second review of the implementation of its principles for financial benchmarks by administrators of LIBOR, EURIBOR and TIBOR. The second review sets out IOSCO's findings into progress made by the administrators towards implementing the recommendations of the first review. With regard to the principles on governance, transparency and accountability, the second review found that a majority of recommendations made by the first review had been implemented by the administrators. With regard to the principles related to the quality of the benchmark, the second review found that all three administrators are in the process of conducting work to evolve three benchmarks to further anchor them in transactions. As a result of the progress made, IOSCO does not recommend a follow-up review.