The FSB undertook a review of major interest rate benchmarks following concerns raised by a wide range of stakeholders regarding the reliability and robustness of benchmarks such as EURIBOR, LIBOR and TIBOR. This report sets out the FSB’s recommendations, developed under the guidance of the Official Sector Steering Group, and drawing on reviews of benchmark administrators by IOSCO and work of a Market Participants Group. The recommendations relate to measures to strengthen existing benchmarks and other potential reference rates based on interbank markets, as well as developing alternative nearly risk-free reference rates. The report discusses these recommendations, issues around any transition between benchmarks rates, and how market adoption of the recommendations will be monitored in the period ahead.