Martin Wheatley, the UK regulator leading efforts to reform the London Interbank Offered Rate, told the Financial Times that a parallel system would provide continuity for holders of $350tn in existing contracts that reference Libor while also paving the way for a new benchmark tied more closely to objective data.
The full article is available at http://www.ft.com/intl/cms/s/0/27c4a71a-b892-11e2-a6ae-00144feabdc0.html#axzz2TA9qaNHd.