The Bank of England working group on sterling risk-free reference rates (RFRs), which was established in conjunction with the FCA in March 2015,  has published the minutes of its meeting last month. The working group considered: (i) a summary of secured rate sub-group's analysis for the production of a secured rate; (ii) plans for transitioning derivatives to the selected RFR, with two potential approaches discussed: (iii) the replacement of LIBOR with the RFR for a meaningful proportion of relevant contracts, such as swaps. The Bank stated that the expectation was that the transition away from LIBOR would be gradual rather than big bang, because of the complexity of products and long-term structure of existing contracts, including second order derivatives.