Wheatley unveils details of planned Libor reform

Martin Wheatley

The London interbank offered rate (Libor) benchmark should be reformed rather than replaced, with the British Bankers' Association (BBA) stripped of its role as rate-setter, according to a review conducted by the Martin Wheatley, managing director of the UK's Financial Services Authority and chief executive-designate of the new Financial Conduct Authority.

"Although the current system is broken, it is not beyond repair," Wheatley said, as he presented the findings of his review commissioned on

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