UK endorses Wheatley report to fix Libor

Recommendations on restoring trust to Libor were accepted and implemented by the UK government today (October 18), a key step towards reforming the setting of the interest rate benchmark.

The government fully endorsed recommendations made by Martin Wheatley, chief executive-designate of the Financial Conduct Authority (FCA), and instructed all institutions involved in the process of setting Libor to implement them. Wheatley was asked by UK chancellor George Osborne in July to consider how the be