Sky News is reporting that The British Bankers’ Association (BBA) moved a step closer to relinquishing its role in setting interbank borrowing rates as regulators seek to restore their credibility following the LIBOR scandal.
Sky News quoted a BBA spokesman as saying, “An extraordinary general meeting of BBA members has given its formal approval to the Board to deliver the transfer of BBA LIBOR to a new operator which will be selected by the Hogg Committee.
Sky News noted that Bloomberg is among the organizations which have expressed an interest in taking on the LIBOR-setting role.
To read the Sky News story click here.
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