The “broken” Libor interbank lending rate will get “a complete overhaul” including a radical pruning of the number of rates it offers, a new administrator and tough regulatory oversight, under reforms announced today.
UK regulator Martin Wheatley will announce the shake-up in a bold attempt to restore faith in the London interbank offered rate after a manipulation scandal that has engulfed more than a dozen financial institutions on three continents.
More than $300tn in contracts worldwide are linked to the benchmark, but its reliability has been questioned since Barclays’ £290m settlement with UK and US regulators laid bare the scale of wrongdoing.
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