WASHINGTON (REUTERS) - The Federal Reserve said it is hosting a meeting on Monday with banks and regulators to discuss the development of a reference rate alternative to Libor, the London interbank rate that was at the center of a global rigging scandal.

Expected participants in the discussion include Bank of America, Goldman Sachs, HSBC and central bank officials from England, Europe and Japan.

The Fed said that the meeting, held at the New York Fed, is a step toward implementing recommendations issued by a Financial Stability Board report in July.

(More to come)