The British Bankers' Association said it's prepared to give upoversight of the London interbank offered rate following claimstraders manipulated the benchmark.

Financial Services Authority Managing Director Martin Wheatleybegan a review into the governance of the rate after Barclays Plc,Britain's second-biggest lender, paid a record 290 million-pound($471 million) fine in June for manipulating the benchmark.Regulators worldwide are probing at least a dozen banks globallyover allegations traders tried to rig the rate.

“If Mr. Wheatley's recommendations include a change ofresponsibility for LIBOR, the BBA will support that,” theLondon-based lobby group said in a statement today.

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