BBA rules out changes to Libor

The British Bankers' Association (BBA) has ruled out major changes to its Libor fixing, despite criticism earlier this year that the widely used interbank rate had become unreliable.

The BBA outlined a number of possible changes to Libor in July, but now says the banks and dealers it consulted have been generally happy with the status quo. A suggested second daily Libor fixing, to take place after the US markets open (at present the daily fixing is at 11:00 London time), was turned down as