U.S. regulator Gary Gensler told CNBC that U.S. and U.K. regulators needed to implement an alternative to the scandal-plagued London Interbank Offered Rate (Libor) soon.
"[These rates] are incredibly important. Over $300 trillion of derivatives and $10 trillion in loans are based on these rates and we need to ensure they have market integrity and that they're based on fact, not fiction," Gensler told CNBC on Monday.
The chairman of the Commodity Futures Trading Commission (CTFC) added that there was cooperation between the U.S. and U.K. over strengthening the governance of interbank lending rates.
"There's been such a structural change that the interbank unsecured market essentially doesn't exist, that international lenders are now talking about alternatives and identifying alternatives and then finding out how to smoothly transition to those alternatives," he said.
(Read More: Libor Rates: A Reader's Guide)