The Financial Stability Board (FSB) published an interim progress report on reforms to existing major interest rate benchmarks (such as LIBOR, EURIBOR and TIBOR, collectively the “IBORs”) and in the development and introduction of alternative near risk-free interest rate benchmarks (termed “RFRs”). The report examines progress toward the FSB’s recommendations for reforms in this area, developed by the Official Sector Steering Group (OSSG). Since July 2014, the administrators of the most widely used IBORs – EURIBOR, LIBOR and TIBOR – have all taken major steps in this regard. While the FSB recommendations were directed at the three major IBORs, OSSG member authorities, benchmark administrators and market participants from other jurisdictions, including Australia, Canada, Hong Kong, Mexico, Singapore and South Africa, have also taken steps towards reforming the existing rates in their own jurisdiction, given the importance of these rates to their domestic markets and their role as international financial centres. An updated progress report will be published in July 2016.