The Bank of England working group on sterling risk-free reference rates (RFRs) has published the minutes of its meeting last month. Points of interest include: (i) there are three currently, or soon-to-be, available candidate RFRs, namely (a) BoE reformed SONIA (as an unsecured RFR), (b) ICAP sterling Repo Index Rate (as a secured RFR) and (c) FTSE-Russell sterling SONET (as a secured RFR); and (ii) the group agreed it would be most helpful to consider the choice between reformed SONIA and a generic secured RFR in the first instance. A decision on which particular secured rate would be taken subsequently, if necessary. The group decided to delay a vote on the recommended RFR until 2017, to allow for further advocacy and potential work on whether a transition of the overnight index swap (OIS) market to a secured rate could be achieved.