Change to broken benchmarks ‘years away’
After the FCA produced a review criticising banks’ for not learning the lessons of Libor and forex, experts predict no major benchmark reform until regulators co-ordinate their efforts with industry
Sweeping benchmark reforms are unlikely unless regulators co-ordinate their efforts, according to experts commenting on the UK conduct regulator's damning indictment of poor benchmark standards among firms.
The Financial Conduct Authority's (FCA) thematic review, published on July 29, said "significant further work" was needed to shore up risky benchmark management and bemoaned a failure to learn
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