The Bank of England has published the minutes of the latest meeting of its working group on sterling risk-free reference rates (RFRs). The working group has previously indicated that it intends to deliver plans to promote adoption of an alternative sterling RFR among a broad cross-section of market participants by December 2015. The minutes noted that, were the working group to select the reformed SONIA benchmark as the RFR, a transition from LIBOR would be relatively straightforward. However, were the working group to choose a secured benchmark, an overnight index swap (OIS) product referencing that benchmark would need to be created before that product could be cleared. The three potential options for the working group in this respect are to: (i) select reformed SONIA as the RFR; (ii) select a secured rate for the RFR, on the basis that at least one of the proposals presented to the working group so far would be likely to result in an acceptable benchmark; or (iii) defer the RFR decision until additional information regarding both secured and unsecured benchmarks is available.