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Carney’s FSB Sets Up Benchmarks Task Force After Libor Abuse

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Mark Carney, the next Bank of England governor, said global regulators will set up a task force with banks in a bid to repair or replace tarnished benchmarks in the wake of Libor and other rate-rigging scandals.

The Financial Stability Board, chaired by the Canadian, has recruited Martin Wheatley, chief executive officer of the U.K.’s Financial Conduct Authority, and Federal Reserve Governor Jeremy Stein to lead a probe into “options for robust reference rates,” with an initial focus on interest-rate benchmarks.