Another option for reform, akin to the proposed methodology for LIBOR, would be for the banks to submit to the benchmark administrator their assessment of their aggregate cost of wholesale funding, based on their transactions in a particular window. That is, the banks would do the aggregation and the administrator would only need to average the (currently) four submissions.
An alternative option would be for the banks to submit all their  9  The IOSCO Principles for Financial pubdocs/pdf/IOSCOPD415.pdf. BIS central bankers’ speeches  Benchmarks  are  available  at:  https://www.iosco.org/library/  5  transactional data to the benchmark administrator who would then itself do the aggregation.