Central Banking

Bank of Canada deputy says Libor and FX scandals have damaged trust

Tim Lane calls for implementation of Iosco benchmark principles


At the root of successful trading is the trust that each party to a transaction will deliver what was agreed, something that has been damaged by the recent Libor and foreign exchange fixing scandals, Bank of Canada deputy governor Tim Lane said yesterday in Toronto.

He added the introduction and implementation of the Iosco benchmark principles would help ensure greater integrity and governance for financial benchmarks.

"Robust financial benchmarks are akin to reliable units of weights and

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