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Global: After LIBOR, don’t overregulate, says asset manager giant

By  |  June 3, 2013
Global: After LIBOR, don’t overregulate, says asset manager giant

The globe’s largest asset manager, BlackRock Inc., has publically warned against overregulation of the world’s market indexes as a result of the LIBOR scandal. The remarks were made in response to various proposals initiated by the International Organizations of Securities Commissions, which met to discuss how to prevent another LIBOR-like scandal, which sent shockwaves through the world’s banks as news broke of LIBOR benchmark manipulation. BlackRock stood up before the Commission to warn against an overreaction in the wake of the scandal, however, noting that indexes would face burdensome fees if subject to more regulation. The LIBOR scandal continues to make waves as more than one dozen entities remain under regulatory investigation, and more than $2.5 billion in fines have been shelled out.

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