Economics
BBA Poised to Give Up Libor Oversight After Rigging Scandal
This article is for subscribers only.
The British Bankers’ Association signaled it will give up oversight of the London interbank offered rate following claims traders manipulated the benchmark.
Financial Services Authority Managing Director Martin Wheatley is reviewing whether to bring oversight of the benchmark under the control of regulators after Barclays Plc, Britain’s second-biggest lender, paid a record 290 million-pound ($471 million) fine in June for manipulating Libor. Regulators worldwide are probing at least a dozen banks over allegations they also tried to rig the rate.