GFMA is proposing an updated set of best practice standards for conducting any benchmark-setting process. These would cover benchmarks used as reference for contract pricing. Customised indices used among a limited number of counterparties would fall outside scope. The overall responsibility for the process should lie with the sponsor, who would have to apply principles on governance, benchmark methodology and quality, and controls. These controls should include independent review of the process and the creation of a code of conduct for contributors. (Source: Principles for Financial Benchmarks)