With a little luck, financial markets may get a better sense of how soon they'll be transitioning to the potential U.S. candidate to replace Libor.

On Tuesday, a Federal Reserve-sponsored group that has been working on an alternative is slated to discuss the timing of the release of the measure. The new rate, which the New York Fed plans to begin publishing daily sometime in the first half of 2018 in cooperation with the Treasury Department's Office of Financial Research, eventually could be the benchmark for pricing some $350 trillion of U.S. derivatives, student loans, home mortgages and many other types of credit.

The meeting of the Alternative Reference Rates Committee follows comments last week by the U.K. Financial Conduct Authority that it intends to stop compelling banks to submit London interbank offered rates by the end of 2021, igniting concerns global regulators may have to speed up their implementation timelines for new alternative benchmarks. According to an interim report, ARRC said it considered and rejected plans that call for a "quicker and more disruptive transition" and recognized that its proposed recommendations "could take several years to accomplish."