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Martin Wheatley, the head of the U.K.'s Financial Services Authority, outlines a 10-point plan...
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Friday, September 28, 2012, 5:29 AM ETMartin Wheatley, the head of the U.K.'s Financial Services Authority, outlines a 10-point plan to overhaul Libor. Wheatley's proposals include a new overseer to replace the British Bankers Association, and basing Libor on transactions rather than on estimates of where a bank thinks it could borrow from another bank. That should cut the scope for manipulation but could prove problematic during credit crunches.
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