In July 2014 the FSB published recommendations for the reform of major interest rate benchmarks (such as LIBOR, EURIBOR and TIBOR, collectively the “IBORs”) and for the development and introduction of alternative near risk-free interest rate benchmarks (termed “RFRs”). This report describes the progress that has been seen regarding these recommendations. Progress has included, in relation to the most widely used IBORs, reviews of respective benchmark methodologies and definitions, data collection exercises and feasibility studies, consideration of transitional and legal issues, and broad consultations with submitting banks, users and other stakeholders. As well as the three major IBORs, reforms are also being seen in other jurisdictions. There has also been progress in identifying potential RFRs, with detailed data collection exercises having been undertaken in key markets, and work is now underway to identify potential RFRs where these do not currently exist. The OSSG will continue to monitor progress in implementing the FSB’s recommendations in the year ahead, and will prepare an updated progress report for publication by the FSB in July 2016.