Richard Sandor, known for creating futures markets in the 1970s, has a new Libor alternative that is gaining traction

A leading figure behind the creation of futures markets in the 1970s is joining the race to replace the benchmark interest-rate underpinning trillions of dollars worth of financial contracts world-wide.

Richard Sandor, who was instrumental in crating interest-rate futures in the 1970s and greenhouse-gas emissions trading in the 1990s, has launced his own version of the scandal-tainted London interbank offered rate, or Libor. 

Read more at The Wall Street Journal