Editorial Board

Give Libor Some Competition

The interest-rate benchmark has improved, but the market still needs an alternative.

Still flawed.

Screenshot: Mark Whitehouse/Bloomberg

In 2012, the London interbank offered rate -- Libor -- gained worldwide notoriety when it emerged that traders had conspired to manipulate this vital financial benchmark. Clearly, the system was broken and would have to be mended. Four years later, the repairs aren't finished.

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