The British Bankers' Association after saying there would be no changes to the London interbank offered rate have changed their minds and will institute the biggest change in 10 years.

The London-based trade group according to Bloomberg news will "take soundings" on adding a second survey of members during U.S. trading hours when it decides the global benchmark rate. About $360 trillion of financial products derive their rates using Libor.

In the article, Bloomberg quotes a German trader:

"It's a step in the right direction but I think we need a few more enhancements to make Libor accurate again,'' said Jan Misch, a money-market trader in Stuttgart at Landesbank Baden- Wuerttemberg, Germany's biggest state-owned bank. ``At the moment it's a lot of guesswork.''

The BBA will confer with member banks whether a second rate-fixing after the U.S. markets open is needed.