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MIDWEEK MARKET WRAP UP:New Report Expected to Shakeup Libor

Date:2013-05-29
From FNNO.com, this is the Financial News Network. I’m Cleo Stiller-Farrell and this is your Midweek Market Wrap Up. The British Bankers’ Association, which has the supervisory role of setting the influential Libor rates, announced that it would be willing to give up its responsibility. This news may have come in an effort to hedge the upcoming Wheatley review published by top UK regulator, Martin Wheatley. We can expect this to come out on Friday and critics are anticipating that the report will recommend big adjustments. Most notably, this could include changing the way Libor is calculated, which is currently based on the banks’ estimations or expectations of loan rates and not actual transactions. This reform is in reaction to the Libor scandal that broke last June in which Barclays was fined a record upwards of 471 million dollars for fixing their rates. Other banks are also suspected to be linked to the fraud. This has been your Midweek Market Wrap Up. I’m Cleo Stiller-Farrell. For more coverage of the business world follow us on Twitter at FNNonline or check our website out at FNNO.com.

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