British Bankers Group Agrees To Give Up Libor-Setting Duties

Law360, New York (February 25, 2013, 12:52 PM EST) -- The British Bankers Association voted Monday to relinquish its role in setting scandal-tainted Libor and other key benchmark interest rates, setting the stage for the U.K. government to find a new independent institution to set the rates.

A September report to the British government in the wake of a rigging scandal that has ensnared several global banks called for a new system for setting the benchmark rates, including a new body to calculate them. The BBA, an industry group responsible for setting the interest rates, soon...
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