European Regulators Want Sweeping Euribor Reforms

Law360, New York (January 11, 2013, 1:32 PM EST) -- European banking and securities regulators on Friday called for sweeping changes to the euro interbank offered rate after discovering many of the same problems of rate rigging plaguing similar benchmark interest rates.

The European Banking Authority and the European Securities and Markets Authority said better internal oversight of banks' submission processes for Euribor as well as greater independence for the panel that sets the actual rate, which underpins trillions of dollars worth of financial transactions, along with a host of other changes were necessary to improve...
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