Libor’s demise set to rock the foundations of finance?
With greater protection comes considerable challenges and risks, none more so than with Libor.
With greater protection comes considerable challenges and risks, none more so than with Libor.
Benchmark manipulation and fallout from it is not new news, but the global drive to regulate benchmarks is. Europe has made the first move to controlling benchmark manipulation but global co-ordination is needed to create an approach that works for everyone.
European regulators have until March to impose a code of conduct on banks contributing to the creation of the Euribor interbank lending rate benchmark. The deadline is included in recommendations published by the European Securities and Markets Authority and the European Banking Authority following their joint work on benchmark rate-setting processes in the wake of the Barclays Libor scandal and other rate-fixing revelations.