The British Bankers Association will submit a report about the future of the Libor benchmark to its key advisory committee later this month, as part of a closely watched review into how this benchmark rate is calculated.

The report will be used by the BBA’s foreign exchange and money market advisory committee to decide whether the BBA needs to overhaul Libor, which is currently calculated each day for a series of currencies, as an average of a group of quotes submitted by banks.