The Wheatley Review of LIBOR

HM Treasury made available "The Wheatley Review of LIBOR: Final Report" which includes a 10-point plan for comprehensive reform of LIBOR (summary starts on page 8), and which is now under consideration by the British government. The report covers the following main topics:

• The blueprint for LIBOR reform;
• Regulation and sanctions;
• Strengthening institutions and governance;
• Rules and guidance for LIBOR;
• Reforms to the LIBOR mechanism;
• Alternatives to LIBOR for the longer term;
• Implications for other benchmarks;
• Analysis of other reform options;
• Summary of consultation responses; and
• The case for reform of LIBOR.

Additional Materials: Speech by British Financial Secretary to the Treasury on the Final Report; Speech by Martin Wheatley: "Pushing the reset button on LIBOR." See also: European Commission paper on benchmarks (news item); ISDA comment with regard to LIBOR reform (yesterday's news).