Securities Group Calls For Gov't Role In Setting Benchmarks

Law360, New York (September 10, 2012, 3:33 PM EDT) -- As the fallout continues from allegations that the London Interbank Offered Rate was subject to rampant rate-rigging, an industry group on Monday said that global regulators should take on direct oversight of how financial benchmarks are set.

The Global Financial Markets Association said that regulatory oversight of key financial benchmarks like Libor was necessary in order to restore "the integrity of global financial markets," given the firestorm that has arisen since Barclays PLC agreed in July to pay regulators in the United Kingdom and the United...
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