The International Organisation of Securities Commissions (IOSCO) has published a report following a second review of the implementation of its Principles for Financial Benchmarks (the Principles) by administrators of the London Interbank Offered Rate (LIBOR), the Euro Interbank Offered Rate (EURIBOR) and the Tokyo Interbank Offered Rate (TIBOR).
The review considers the degree to which the administrators of LIBOR, EURIBOR and TIBOR have complied with the Principles, which were published in July 2014. IOSCO found that, there was an important distinction between the level of progress made in implementing the Principles related to the quality of the benchmark and other Principles which deal with governance, transparency and accountability.
The review contains recommendations for each administrator in order to strengthen the implementation of the Principles. IOSCO expects each administrator to take decisive steps, as soon as possible, to implement the recommendations.