Reuters – Global regulators will implement a twin-track approach to ensuring interest rate benchmarks are less prone to manipulation, recommending safeguards to the current system as well as developing alternatives.
Ten banks and brokerages including Barclays and UBS have paid a total of around $6 billion to date to settle U.S. and European regulatory allegations that they manipulated the London Interbank Offered Rate, or LIBOR, a benchmark against which around $450 trillion of financial products from derivatives to home loans are priced worldwide.
