Stein and Wheatley to head up new FSB benchmarks steering group

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The Financial Stability Board (FSB) plans to set up a new steering group comprising senior central bankers and regulators to conduct a broad-based review of existing interest rate benchmarks and come up with proposals to reform or replace them if required.

The steering group, unveiled by FSB chairman Mark Carney in Basel today, will be headed by co-chairs Jeremy Stein, a governor of the Federal Reserve Board, and Martin Wheatley, managing director of the UK's Financial Conduct Authority.

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