In a speech delivered on 28 September Martin Wheatley called for a legislation which would criminalise manipulation of LIBOR. He also said the BBA should be stripped of its oversight role and that the setting of LIBOR should become a regulated activity. He acknowledged the need to retain LIBOR but proposed structural alterations to the way LIBOR is calculated. For more see here.
JD VIEW—This speech comes after a public consultation on proposals to reform LIBOR. It is to be expected that the changes proposed will be implemented swiftly in order to restore faith in this important financial benchmark.