Policymakers have made substantial progress in reforming the major interest rate benchmarks in the wake of the LIBOR market manipulation scandal, but there’s more to be done in developing alternative benchmarks, according to a new report from the Financial Stability Board (FSB).

An interim progress report published Thursday by the FSB examines the state of reforms to the existing major interest rate benchmarks (such as LIBOR, EURIBOR and TIBOR) following the revelation of widespread manipulation of these benchmarks, and the recommendations for reforms from the Official Sector Steering Group (OSSG) that were published in July 2014.

Those recommendations included strengthening the existing benchmarks by basing them as much as possible on actual transaction data, and developing alternative risk-free rate benchmarks (RFRs).

In today’s report, the FSB finds that the administrators of the major interest rate benchmarks “have all taken major steps” to reform. As well, benchmark administrators and market participants in countries such as Canada, Australia, Hong Kong, Mexico, Singapore and South Africa, have also taken steps to reform the major domestic rates in their own jurisdictions, given their local importance, the report finds.

In addition, there has been “concrete progress” in identifying potential alternative rate benchmarks, the report notes. However, authorities in several countries are grappling with how to facilitate the availability of RFRs at terms longer than overnight, the report says.

“Once a wider range of RFRs have been identified, some consideration may also be needed for co-ordination amongst authorities in later phases of developing RFRs and related term markets, particularly if these rates are referenced in cross-currency transactions,” the report concludes.

Looking ahead, in the second half of 2015, international securities regulators will be reviewing the efforts of benchmark administrators to implement its revised principles for financial benchmarks, which were also introduced in July 2014. As well, the FSB will publish a final progress report on implementation of the OSSG recommendations in July 2016.