Regulators in the US and UK see promise in the early adoption of Libor alternatives in parts of the bond markets, even as they call for more action on replacing the scandal-plagued benchmark.

Libor, which is slated to be discontinued at the start of 2020, currently underpins an estimated $200tn of financial contracts and securities. But a small, and growing, number of new securities already are being underwritten with Libor replacements ahead of that deadline.