A new leaf for LIBOR
As of 1 February 2014, administration of the London Inter Bank Offered Rate (LIBOR) was taken over by ICE Benchmark Administration (IBA).
The appointment of a new administrator is a key milestone in the process to restore the reputation of LIBOR, previously administered by the British Bankers Association. The LIBOR scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades or to give the impression that they were more creditworthy than they were. Since the rate-rigging scandal first came to light in 2012, a number of the world’s most well-known financial institutions have been handed multi-million-pound fines.
In the wake of the LIBOR manipulation scandal, a review of the rates by Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), made a number of recommendations…
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