The UK government says it intends to bring major fixed-income, foreign exchange and commodity benchmarks under greater oversight, in an effort to shore up confidence in wholesale financial markets.

The British government launched a consultation Thursday on extending the regulatory regime that has been adopted to shore up confidence in LIBOR to various other major financial benchmarks including the London Gold Fix, the LMBA Silver Price, WM/Reuters’ FX benchmark rates, the ISDAFix, and ICE Brent Futures.

The government says that is considering extending new legislation that was adopted to better regulate LIBOR to cover various other benchmarks in order to reduce the risk of market manipulation or other misconduct, increase the credibility and integrity of the benchmarks, and bolster confidence in financial markets. It aims to have the new regime for the designated benchmarks in place by the end of the year, and says that it will continue to engage in ongoing international discussions on improving the integrity of all benchmarks.

Earlier this year, the UK government launched a joint review of wholesale financial markets that is being carried out by the Treasury, the Bank of England, and the Financial Conduct Authority (FCA), which aims to boost confidence in the fairness and effectiveness of the UK wholesale financial markets, and to influence the international debate on trading practices. The review is slated to publish its final report in June 2015, however today’s consultation comes in response to an early recommendation from that review to expand the oversight of financial benchmarks generally.

“The integrity of the City matters to the economy of Britain. Ensuring that the key rates that underpin financial markets are robust, and that anyone who seeks to manipulate them is subject to the full force of the law is vital,” said economic secretary to the Treasury, Andrea Leadsom. “That’s why the government is determined to deal with abuses, tackle the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them.”

Comments on the proposals are due by October 23. Additionally, as part of the consultation process, the government will hold targeted industry roundtables with affected parties.