British banks body bows out of LIBOR

Government regulation of a cornerstone of financial markets has moved closer after a British banking body agreed to surrender its decades-long role in overseeing Libor, the scandal-riven global benchmark for borrowing costs.

The British Bankers' Association formally voted to cede its role last week, more than four years after questions were first raised about whether banks were lying in their submissions to the setting that governs $350tn in contracts worldwide ... READ MORE

Released by the Financial Times - 25 September 2012