Banking Regulators Drop Libor … Adopt New Standard – 5 July 2012

… New “Limor” Standard More Accurately Reflects Banking Practices

Given the loss of confidence in the big banks in the wake of revelations that they have been manipulating the world’s most important economic benchmark – Libor – regulators in the U.S. and UK have announced that they will abandon Libor and adopt a new standard. In the run up to the change in standards, Bank of England chief Mervyn King had called for a benchmark based on actual transaction prices.

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