Libor Scandal Spurs MSRB To Examine Muni Bond Benchmarks

Law360, New York (July 31, 2012, 5:34 PM EDT) -- A regulator of the $3.7 trillion U.S. municipal bond market said Monday that it would examine how the market's benchmark interest rates are developed, sparked by the burgeoning scandal surrounding banks' alleged manipulation of the Libor, a key benchmark rate.

The Municipal Securities Rulemaking Board, the industry's self-regulator which formulates rules for banks, securities dealers and municipal advisers who deal in state and local government bonds, said that concerns about the integrity of the London Interbank Offered Rate and other market indices prompted the increased scrutiny....
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