Norway Seeks Nibor Overhaul as Probe Fails to Disprove Rigging
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Norway’s financial watchdog recommended an overhaul of practices shaping its benchmark interbank rate, after the regulator said a probe couldn’t disprove claims of manipulation.
The Financial Supervisory Authority’s decision follows an investigation of the Norwegian interbank offered rate after bankers outside the country claimed Nibor was being rigged locally. Documents released by the central bank in January revealed e-mailed complaints from traders around the world going as far back as 2010, adding urgency to a probe that was started in December.