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ARTICLE · 03 OCTOBER 2012

LIBOR Reform Plans Announced By U.K. Regulators

Perkins Coie LLP
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In a move intended to ease the uncertainty surrounding the future role of LIBOR (the London Interbank Offered Rate), on September 28, 2012, Martin Wheatley of the United Kingdom’s Financial Services Authority (the FSA) offered a path to overhauling the benchmark interest rate.

United KingdomFinance and Banking
Gwendolyn Williamson
Gwendolyn Williamson

In a move intended to ease the uncertainty surrounding the future role of LIBOR (the London Interbank Offered Rate), on September 28, 2012, Martin Wheatley of the United Kingdom's Financial Services Authority (the FSA) offered a path to overhauling the benchmark interest rate.  The integrity of LIBOR, which is tied to more than $300 trillion in financial contracts globally, has been in question since 2008, when the first accusations of manipulation arose.  The LIBOR scandal reached new heights in June of this year when Barclays Bank PLC settled charges that its traders had manipulated LIBOR for financial gain and the bank agreed to pay more than $450 million in penalties.  At least 16 other financial institutions have been accused by regulators and/or private investors of manipulating or colluding to manipulate LIBOR.

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