DCSIMG

FSA to revamp Libor panels

The City watchdog has unveiled plans to include more banks on the panels that set benchmark interest rates, and said firms that do not volunteer to join could be compelled to participate.

The Libor process is being reformed in the wake of the rate-fixing scandal that saw Barclays fined a record £290 million by UK and US regulators, and the 
Financial Services Authority (FSA) wants at least 20 banks to take part in each currency panel.

Currently, 11 to 18 banks contribute to setting Libor in five main currencies, but FSA managing director Martin Wheatley said having more firms on the panels would discourage attempts to manipulate rates.

 

Comments

 
 

Back to the top of the page

 

EDINBURGH
FESTIVALS
2014

#WOWFEST

In partnership with

Complete coverage of the festivals. Guides. Reviews. Listings. Offers

Let's Go!

No Thanks