Wheatley Review Seeks Public Opinion on LIBOR Reform

Martin Wheatley, head of the independent review of LIBOR launched by the UK government, has published a consultation paper setting out initial proposals for reforming the current system for setting and regulating LIBOR.

In particular, the paper discusses:

• the role played by LIBOR in the financial markets;
• problems in the current framework for setting LIBOR, its governance, and oversight; and
• a number of potential avenues for LIBOR reform.

The document can be accessed via this link. Response to the discussion paper should be submitted by September 7, 2012.