Global regulators said interbank lending rates and other so-called market benchmarks should be based on data from actual trades in a bid to restore credibility of indexes tarnished by price-fixing scandals.

A panel led by U.S. Commodity Futures Trading Commission Chairman Gary Gensler and U.K. Financial Conduct Authority Chief Executive Officer Martin Wheatley is also pushing for banks involved in benchmark setting to sign up to a code of conduct as part of a drive to make the process more robust.

"To promote market integrity, it is critical that benchmark interest rates be anchored in observable transactions and supported by appropriate governance structures," Gensler said in a statement on the International Organization of Securities Commissions' website. Iosco will seek views on the proposals before publishing final standards later this year.