UK:
The Likely Replacement For Libor May Be Just As Prone To Abuse
12 September 2017
WilmerHale
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Following the investigations into alleged manipulation
of the London Interbank Offered Rate (Libor), in July the head of
the Financial Conduct Authority (FCA), Andrew Bailey, announced
plans to abandon this "unsustainable" benchmark, and
transition to an alternative rate.
The plan is clear, but will this transition assist the FCA in
its efforts to tackle benchmark manipulation?
Libor was developed in 1984 in response to calls for a universal
rate for new financial instruments. It became widely used as a
reference rate across a variety of financial contracts.
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Originally published by www.cityam.com
Leila Gaafar is a London-based lawyer in WilmerHale's White
Collar Crime & Regulatory Practice.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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