UK Banking Group Proposes To Scrap Most Libor Rates

Law360, New York (November 8, 2012, 4:24 PM EST) -- The British banking group responsible for calculating the London Interbank Offered Rate proposed Thursday discontinuing most variations of the benchmark interest rate, leaving only measures on which there is regular trading on which to base the scandal-ridden benchmark rate.

In a consultation paper, the British Bankers Association proposed only maintaining Libor for currencies, including the U.S. dollar, the British pound and the euro, and maturities that are actively traded. The BBA also proposed eliminating Libor measures for several infrequently traded maturities as well.

In total, only...
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