It may not be possible to end the use of the London Interbank Offered Rate, or LIBOR, in pricing financial contracts by 2021, the Financial Times reported Aug. 2, citing analysts and trading executives.

The five-year transition period is not sufficient for banks to overhaul the $350 trillion of outstanding derivatives, loans and mortgages tied to LIBOR, the report noted.

LIBOR manipulation has led to billions of dollars in fines and the criminal convictions of several bankers.

Banks may continue to publish the rate because of how important it is to the global financial system, according to Mark Cabana, a strategist with Bank of America Merrill Lynch.