Mark Scott, NYT [includes text of Wheatley’s prepared remarks]: “On September 28, 2012 – Martin Wheatley, the managing director of Britains Financial Services Authority, will outline plans to increase oversight of the rate-setting process, which underpins more than $350 trillion of financial products like mortgages and student loans. As part of that effort, regulators are stripping the British banking group that currently oversees the interest rate the London interbank offered rate, or Libor of its power. The British government, in turn, will take a more hands-on role, including making rate manipulation a criminal offense.”
- HM Treasury: “On 28 September 2012 the Wheatley Review published its final report The Wheatley Review of LIBOR, which included a 10-point plan for comprehensive reform of LIBOR. The Government is examining the Wheatley Review recommendations in detail, including the costs and benefits of what has been proposed, and the design and implementation options. It is the Governments intention to respond to the review when Parliament returns, and introduce any necessary legislation in the Financial Services Bill that is currently being considered by the House of Lords.”
- The Wheatley Review of LIBOR: final report
- Speech by Martin Wheatley ‘Pushing the reset button on LIBOR’, 28 September 2012 (FSA website, opens in new browser window)
- The Economist: Reforming LIBOR – The $300 trillion question – Whoever takes over the regulation of inter-bank rates faces a daunting task
- NYT: The Myth of Fixing the Libor
- Related postings on the financial system
