A dual track system to pave the way for a new benchmark tied more closely to objective data? At least this is what Martin Wheatley, the UK regulator leading efforts to reform the London Interbank Offered Rate, has told the Financial Times. On the other side of the Atlantic however, this idea would not seem that appealing as US regulators push for “prompt” switch to transaction-based rates. Mr Gary Gensler, chairman of the US Commodity Futures Trading Commission, which spearheaded the Libor probe, is more than eager to get rid of the "malicious" libor and find its sucessor…. More details here (FT subs). Maria L. Bill: Surely the millions of OTC transactions that reference LIBOR can't be moved to a new underlying index without huge legal and pricing impacts, taking years to complete? Even an ISDA 'protocol' wouldn't be sufficient I suspect – any other views?