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ARTICLE · 10 OCTOBER 2012

Professional & Financial Lines - October 2012

Clyde & Co
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Bank of England Governor, Mervyn King has called for the reforms proposed in the Wheatley Report to be implemented quickly, although has highlighted that further reforms will be needed in the medium and long term for benchmarks which use transaction data.

United KingdomFinance and Banking
James Cooper
James Cooper
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LIBOR manipulation coverage

Investigations and regulator action

Bank of England Governor, Mervyn King has called for the reforms proposed in the Wheatley Report to be implemented quickly, although has highlighted that further reforms will be needed in the medium and long term for benchmarks which use transaction data. Greg Clark, financial secretary to the UK Treasury, has stated that Martin Wheatley's recently published recommendations should be approved early in 2013 to enable legislation to be enacted. The first stage of such LIBOR reform began in earnest on Monday, 1 October 2012, when a tender process commenced for institutions and groups to take over oversight of LIBOR from the British Bankers' Association (BBA).

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