The British Bankers' Association said it's prepared to give up oversight of the London interbank offered rate following claims traders manipulated the benchmark.
Financial Services Authority Managing Director Martin Wheatley began 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 globally over allegations traders tried to rig the rate.
“If Mr. Wheatley's recommendations include a change of responsibility for LIBOR, the BBA will support that,” the London-based lobby group said in a statement today.
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