Finding a means to set future London Inter-Bank Offered Rates (LIBOR) requires careful planning since any transition to a new formula could greatly disrupt a large volume of contracts that reference Libor, Bloomberg news reported Friday.

A failure to change the rate setting process in a careful manner runs the risk of disrupting key financial contracts, including those linked to mortgages and derivatives, the news agency said.

Bloomberg says the U.K.'s chief markets regulator noted that banks setting Libor rates are looking for a more scientific process to eliminate future issues.

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