Deutsche Bank, Citigroup, JPMorgan and UBS, among others, have set up task forces to scrutinise submission processes for hundreds of benchmarks in everything from commodities to interbank lending as they seek to cut their litigation and regulatory risk, several people close to the situation said.

The withdrawals have already helped speed up revamps of the silver and gold fixes and reforms to some interbank lending benchmarks so that they are based on actual transactions rather than bank submissions.

Deutsche’s very public exit from the gold and silver fix panels helped accelerate overhauls of those benchmarks. The silver fix has recently moved to an electronic system where computer algorithms instead of bankers set the price, and the gold fix is expected to follow suit.

Banks pull out of dozens of benchmarks after rate-rigging scandals