Norwegian authorities chase benchmark rate reform

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The Norwegian central bank and financial services authority are seeking to overhaul the process by which banks set the Norwegian Interbank Offered Rate (Nibor).

The Financial Supervisory Authority of Norway (FSAN), in a report released yesterday, said it had "found no evidence of rigging, or attempted rigging, of Nibor, but cannot disprove rigging either".

Similarly, Norges Bank, in a letter sent to FSAN on March 20 and published yesterday, said "the bank believes that Nibor is open to

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