FSA outlines plans for Libor reform
Regulator will directly oversee calculation of benchmark rate
The UK Financial Services Authority (FSA) published its proposals today for overseeing the calculation of the London Interbank Offered Rate (Libor) benchmark in the wake of the Libor-rigging scandal earlier this year.
One bank, Barclays, has already been fined a total of $452 million by US and UK regulators for its part in the scandal, and more fines are expected soon. In future, the FSA says, it will directly regulate whichever organisation replaces the British Bankers' Association (BBA) in
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