The ECB has provided an update on the progress that has been made by regulators and legislators to develop a framework to ensure the integrity of benchmark reference rates. It has published a recent speech which focusses on the reform of EURIBOR from a quote-based to a transaction-based index, which is set for 2017. The speech notes that the current panel banks have remained in place and helped to prevent any disorderly dismantling of EURIBOR. However, some banks have chosen to leave the panel due to, amongst other things, the perceived elevated risks related to the usage of expert judgement while contributing to EURIBOR. The ECB considers that the Benchmarks Regulation should contribute to greater regulatory certainty, as it establishes rules guiding the process of benchmark setting.