ICE Benchmark Administration (IBA), the firm that is now responsible for overseeing the setting of the LIBOR financial benchmark, is proposing further reforms to its calculation methodology, the firm announced on Friday.

IBA has published a position paper on the evolution of the interest rate benchmark, setting out a series of proposed changes to the methodology for calculating the rate. The paper details “a number of parameters for a more unified and prescriptive transaction-based methodology,” the firm says.

In an effort to further ground the setting of LIBOR in actual transaction data, the paper recommends that the underlying liquidity pool, which is currently based on the inter-bank unsecured lending market, should be expanded. It also makes a number of proposals designed to improve liquidity and increase available transaction data, including expanding the eligible counterparty types, funding centres, transaction types and the transaction timing and window.

“LIBOR is the world’s most important short-term interest rate benchmark, referenced by transactions totalling an estimated $350 trillion. IBA is investing significant resources to strengthen the calculation methodology and governance of LIBOR in order to restore market confidence and integrity to this vital economic benchmark,” says Finbarr Hutcheson, president of IBA, in a statement.

IBA is seeking feedback on the proposals included in the paper by Oct. 16.