Lobbyists for the banking and asset-management industries are pushing for greater regulation of Libor and are resisting pressure to replace the benchmark in the wake of the rate-rigging scandal.

Firms and employees who contribute to interest rates should be regulated, the Investment Management Association, the Global Financial Markets Association and the International Capital Market Association said in separate submissions to the Financial Services Authority's review of the rate. Replacing Libor with an alternative rate or significantly changing how it's calculated would be too disruptive and should be avoided, they wrote.

FSA managing Director Martin Wheatley is reviewing how the London interbank offered rate is set after Barclays Plc was fined a record 290 million pounds ($464 million) in June for rigging the benchmark. The London interbank offered rate, overseen by the London-based British Bankers' Association, is the basis for more than $300 trillion of securities worldwide.

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