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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.