Change to broken benchmarks years away, say industry commentators

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Sweeping benchmark reforms are unlikely unless regulators co-ordinate their efforts, according to experts commenting on the UK conduct regulator's damning indictment of poor benchmark standards among firms.

The Financial Conduct Authority's (FCA) thematic review, published on July 29, said "significant further work" was needed to shore up risky benchmark management and bemoaned a failure to learn from recent high profile failures like the Libor scandal.

But Patrick McConnell, an honorary fellow

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