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The Future of LIBOR - The Initial Discussion Paper from the Wheatley Review

August 14, 2012

By RICHARD E. FARLEY

On August 10, 2012, Martin Wheatley, Managing Director of the U.K. Financial Services Authority and Chief Executive Designate of the Financial Conduct Authority (one of the successors to the FSA), and his review team issued an Initial Discussion Paper setting out the direction of their initial thinking on the necessary reforms to the current framework for setting and governing LIBOR, the sanctions to appropriately combat LIBOR abuse and whether the failings of LIBOR have implications on other global benchmarks, and inviting responses from interested parties.