Major interest rate benchmarks, such as LIBOR, have made progress at reforms to bolster their operations and governance, but more needs to be done, according to a progress report published on Tuesday by the Financial Stability Board (FSB)/

The report evaluates the implementation of the FSB’s recommendations to reform major interest rate benchmarks, which were issued in July 2014 following the LIBOR market manipulation scandal.

Overall, the progress report finds that the administrators of key interbank offered rates “have continued to take steps to implement the recommendations,” and the most progress has been made by the three major benchmarks, LIBOR, EURIBOR, and TIBOR.

Additionally, authorities in Europe, the United Kingdom and Japan have taken steps to regulate the benchmark administrators, the report finds, and benchmark administrators and market participants in other jurisdictions, including Canada, Australia, Hong Kong, Mexico, Singapore and South Africa, have continued to take steps to improve the existing interbank rates in their own jurisdictions.

However, the reforms have not been completed. Benchmark administrators should now focus anchoring these rates in transactions and objective market data as far as practicable, the report recommends.

“Implementation of the FSB recommendations on reforming interest rate benchmarks is essential to address the issues highlighted by the attempted manipulation of IBORs. Good progress has been made by the major reference rates in implementing the requirements but more work is required to address the outstanding recommendations,” says David Lawton, director, markets policy and international, at the U.K. Financial Conduct Authority, and co-chairman of the Official Sector Steering Group (OSSG), which prepared the report.

The OSSG will continue to monitor progress in reforms to interest rate benchmarks and will prepare a final report in 2017, the FSB says.