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.
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