Regulators are ramping up efforts to end Libor trades by the end of the year.

The Commodity Futures Trading Commission last week told brokers that facilitate derivatives trading among large banks that they should stop using Libor, or the London interbank offered rate, as a reference rate by 26 July. The Tuesday announcement could accelerate the push to phase out the troubled interest-rate benchmark, which underpins trillions of dollars’ worth of financial contracts. Authorities decided several years ago, after a widespread Libor-rigging scandal, that it should disappear by the end of 2021.