Second Review of the Implementation of IOSCO’s Principles for Financial Benchmarks by Administrators of EURIBOR, LIBOR and TIBOR

This is the second review by the International Organization of Securities Commissions (IOSCO) of the implementation of IOSCO’s Principles for Financial Benchmarks by the administrators of key interest rate benchmarks: the Euro Inter-Bank Offer Rate (EURIBOR); the London Inter-Bank Offer Rate (LIBOR); and the Tokyo Inter-Bank Offer Rate (TIBOR).

The report is a follow-up to IOSCO’s first review, published in July 2014, which set out remedial recommendations for the three administrators intended to strengthen their implementation of the Financial Benchmark Principles. The 19 Principles were published in July 2013 for implementation by benchmark administrators and submitters to promote the reliability of benchmark determinations. The second review sets out the IOSCO findings into the action taken by administrators to implementing the recommendations of the first review.

The second review finds that a majority of the recommendations made in the first review have been implemented by the administrators. The review finds evidence that all the administrators have developed and improved their policies and procedures in a number of areas including conflicts of interest, consultation with stakeholders and internal oversight.