U.K. to Review Libor Future, Lawmakers Summon Barclays CEO
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The U.K. government will begin a review into the future of the London interbank offered rate after Barclays Plc was fined $451 million three days ago for submitting false rates to benefit derivatives trades.
The inquiry, which begins next week, will focus on possible criminal sanctions against people who breach future regulations on the rate, a Treasury spokesman, who declined to be named because of government policy, said today. Separately, Barclays Chief Executive Officer Bob Diamond and Chairman Marcus Agius have been called to appear before lawmakers on the Treasury Select Committee.