Bankers signal end to setting Libor

The British Bankers' Association (BBA) has signalled willingness to give up oversight of the London interbank offered rate following claims that traders manipulated the benchmark rate.

Financial Services Authority managing director Martin Wheatley is reviewing whether to bring oversight of the benchmark under the control of regulators after Barclays, Britain's second-biggest lender, paid a record £290 million (HK$3.64 billion) fine in June for manipulating Libor. Regulators worldwide are investigating at least a dozen banks over allegations they also tried to rig the rate.

via Business feed http://www.scmp.com/business/banking-finance/article/1048097/bankers-signal-end-setting-libor