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U.K. May Revamp Libor Setting

Regulators, banks meet to discuss changes amid allegations benchmark was manipulated.

By Jesse Westbrook, Bloomberg | Updated on March 06, 2012

U.K. regulators and banks met to discuss revisions to the setting of global interest rates after lenders faced allegations that they manipulated the benchmark for about $360 trillion of securities.

The meeting was held yesterday to “consider future regulatory and market developments” for the London interbank offered rate, the British Bankers’ Association said in a statement today. Regulators and banks now plan to initiate a “technical discussion” about “likely future developments” with market participants who rely on Libor, the BBA said.

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