The European Money Markets Institute has published a summary of the feedback it received to its October consultation on EURIBOR. EMMI states that it received broad support for its plans to reform the EURIBOR benchmark and respondents were supportive in particular of its proposal for the overall design of a transaction-based determination methodology and its transition strategy. EMMI envisages the evolution of EURIBOR to a transaction-based methodology during the first half of 2017 and will publish an updated roadmap during the second quarter of 2016. Meanwhile, the Bank of England has announced that it will become the administrator of SONIA and will provide oversight and governance. The Bank intends to administer SONIA in line with IOSCO’s principles for financial benchmarks. The Wholesale Markets Brokers' Association will continue to calculate and publish SONIA on behalf of the Bank.