Progress Report on the Oversight and Governance Framework for Financial Benchmark Reform

Abstract

This report is a short update for G20 Finance Ministers and Central Bank Governors on the work the FSB has put in train to review issues surrounding major interest rate benchmarks. It describes the establishment of an Official Sector Steering Group, and this group’s future work program. This includes a review of how well the major interest rate benchmarks meet IOSCO principles in this area, as well as the work of a Market Participants Group to identify additional benchmark rates.