Martin Wheatley, the head of the U.K. markets regulator, said the London interbank offered rate should eventually be replaced with a transaction-based benchmark using a dual-track system.
The tarnished benchmark, based on a daily survey of panel banks, should run in parallel with a transaction-based rate until a full overhaul of the system can be enacted, Wheatley, chief executive officer of the Financial Conduct Authority, said, according to FCA spokesman Chris Hamilton.
