Banks May Be Forced To Submit Costs For Libor's EU Cousin

Law360, New York (February 8, 2013, 1:38 PM EST) -- The European Commission said Friday it may force banks to participate in setting Europe's version of Libor, a benchmark interest rate that has been dogged by a rigging scandal, after several banks stopped providing borrowing cost estimates to the panels that set the rates.

European Commissioner for Internal Market and Services Michel Barnier said that the continent’s financial regulators would soon draw up lists of banks that will be required to submit borrowing cost estimates to the bodies that set the Euro Interbank Offered Rate, or...
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