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Global: Worldwide officials propose solution to LIBOR

By  |  April 16, 2013

Regulators from around the globe gathered at a panel led by US Commodity Future Trading Commission Chairman Gary Gensler and UK Financial Conduct Authority Chief Executive Officer Martin Wheatley to discuss a preventative solution to any future manipulation of market benchmarks. According to reports, the panel said lending rates, and other benchmarks, should be determined based on real-time data from actual trades. The panel gathered to discuss how to rebuild credibility across the world in the wake of various scandals of banks manipulating the benchmark. Those rates should be “anchored in observable transactions and supported by appropriate governance structures,” said Gensler on the International Organization of Securities Commissions website. Reports say the Organization will finalize a solution to the issue later this year after receiving comment.

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