Libor in need of ‘massive makeover’, CFTC’s Chilton says

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Two days before the chief executive-designate of the new UK Financial Conduct Authority (FCA), Martin Wheatley, is expected to announce sweeping changes to Libor, commissioner Bart Chilton of the US Commodity Futures Trading Commission (CFTC) has called for a complete overhaul of the setting of the benchmark borrowing rate.

In his Mansion House speech this Friday, Wheatley is expected to announce an end to the British Bankers' Association's (BBA) responsibility in setting the interbank lending

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