British Bankers Suggest Scaling Back Libor Rates

Number of currencies and maturities could be limited by early 2013.

The British Bankers’ Association (BBA), the lobby group that oversees Libor, proposed cutting the number of currencies and maturities included in the benchmark within the next five months following the rate-rigging scandal.

The lobby group plans to end quoting rates in Australian and New Zealand dollars at the end of February, and the Canadian dollar, Danish kroner and Swedish kronor rates the following month, the London-based BBA said in a statement today. The group also proposed to stop publishing “interim maturities” such as the two-week, two-month and nine-month tenors for all currencies by the end of January.

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