Ice Benchmark Administration Monday proposed a package of new measures to make the London interbank offered rate more accurate and less susceptible to manipulation.

Libor, a benchmark which shows interbank borrowing rates and serves as the basis for interest rates on trillions of dollars of loans and financial contracts, is undergoing an overhaul after several banks were fined for attempting to game the benchmark. Libor is calculated every working day by polling major banks on their borrowing costs.