This report sets out the findings of the review by IOSCO of the degree of implementation of IOSCO's Principles for Financial Benchmarks by the administrators of the: Euro Inter-Bank Offer Rate (Euribor); London Inter-Bank Offer Rate (Libor); and Tokyo Inter-Bank Offer Rate (Tibor). The report found that all three administrators have made significant progress in implementing the majority of the Principles. Both completed and on-going reforms have raised the overall oversight, governance, transparency and accountability of the three administrators and their respective benchmarks. This has undoubtedly improved the quality and integrity of the benchmarks. These reforms have occurred in the context of regulatory, operational and organisational changes concerning all three administrators.