Central Bankers Call For Transition Away From Libor

Law360, New York (March 18, 2013, 1:42 PM EDT) -- Central bankers on Monday laid out a three-pronged path toward reforming and moving away from scandal-tainted Libor, calling for more transparency, stronger oversight and greater use of actual transactions while setting interest rates.

The report from a global working group of the Bank for International Settlements called for heightened scrutiny by governments and corporations to spot rigging, and warned that heavy reliance on a single rate, as has been the case with Libor, creates extra risk.

Revelations that the Libor for years hasn't reflected an honest...
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