The reform of critical financial benchmarks will be a hot topic this year as the industry seeks to rebuild confidence following a series of scandals that led to billions in fines for some of the world’s largest institutions over the past two years.

As global investigations into rates that set prices in currency and commodity markets continue, the initial focus in 2014 will be restoring the integrity of the London interbank offered rate, a benchmark that underpins transactions worth trillions of dollars, from complex interest rate derivatives traded on major exchanges, to college loans and mortgages.