An analysis by the Wall Street Journal of the daily rate estimates submitted by banks that are used to calculate Libor shows the daily submissions are often slow to change and some banks' quotes don't correlate that well with their credit-default swaps, both indications the rate may not be working as it is supposed to.

According to the Journal, this year through August, the 18 banks that submit estimated rates for U.S. dollar Libor left their rates unchanged 87% of the time on average. The number of changes varies widely from bank to bank, according to the Journal; Société Générale changed its quote for three-month Libor just four times during the first eight months of the year, while Credit Swiss changed its quote 59 times.

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