UK: The Wheatley Review of LIBOR - discussion paper published

Martin Wheatley, the chief executive designate of the new Financial Conduct Authority and current head of the Financial Services Authority's Conduct of Business Unit, delivered a speech today in which he spoke about his review of LIBOR and the publication of a discussion paper. The paper, available here (pdf), seeks views on possible reform options and makes clear that retaining LIBOR in its current state is not viable. The paper also states that alternative benchmarks that can take on some (or all) of the roles currently performed by LIBOR should be identified and evaluated. Mr Wheatley's final report is expected by the end of next month in order to permit the Government to include, if necessary, legislative changes in the Financial Services Bill currently before Parliament.