Martin Wheatley, chief executive designate of the Financial Conduct Authority, is reviewing the role Libor plays in the financial markets, flaws in the system and governance and options for reform.
Libor (London Interbank Offered Rate) is the reference rate banks charge when lending to each other. It was brought into the spotlight in June when it was revealed Barclays had been fined £59.5m for misconduct towards the Libor and for trying to influence other banks' submissions.
A discussion paper with initial proposals was published mid-August and Mr Wheatley is seeking responses from market experts and stakeholders by 7 September.
The paper includes issues and failures, mechanism and governance of the Libor, ways to strengthen it, current regulation methods and criminal sanctions for manipulation.

Questions to be considered cover failings with the Libor, how it can be strengthened in a way to remain credible, alternative benchmarks to replace or substitute the Libor and potential implications on other benchmarks.
The Confederation of British Industry has already responded with Dr Neil Bentley, CBI deputy director-general, welcoming the review.
"The review's initial thinking on the Libor issue is a sensible direction to take in order to restore confidence in this area and in our banking system more widely.
"We welcome the focus on moving towards more transaction-based date for setting benchmark rates, improving internal governance within the banks and strengthening the accountability of individuals."
Click here to view the paper.