The British Bankers’ Association, the group that currently sets the Libor, the benchmark interest rate that was manipulated over a long period by bank traders, could lose their control over the rate-setting as early as Friday, according to anonymous sources. The move is likely to be announced on Friday, when Martin Wheatley, managing director of [...]

It’s really getting difficult to take the entire global financial regulatory apparatus seriously in the wake of the Libor scandal. The British Bankers’ Association was given weekly warnings in 2008 that the process of setting the Libor interest rates was being distorted. A former member of the Libor compilation team at Thomson Reuters says it [...]