The group that administers the London interbank offered rate,seeking to bolster confidence in the benchmark after a manipulationscandal, is proposing to standardize how the banks calculate theirsubmissions.

Global regulators said in July the rate, the key interestbenchmark for more than $300 trillion of securities worldwide,shouldn't rely on estimates that allowed traders at some of theworld's biggest banks to manipulate Libor. At least nine firms,including Barclays Plc and Royal Bank of Scotland Group Plc, havebeen fined more than $6 billion after traders colluded to rig therate and related benchmarks for profit.

Banks are still using a range of different methods to calculatetheir submissions, ICE Benchmark Administration, the unit ofIntercontinental Exchange Inc. that took responsibility for therate in February, said in a statement today.

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