Barclays’ settlement with US regulators over the rigging of Libor is likely to have far-reaching implications for how benchmark interest rates are set.
Under the terms of the pact with the Commodity Futures Trading Commission of the US, Barclays agreed to a six-pronged plan to “encourage” benchmark publishers, such as the British Bankers' Association, to improve the rate-setting process by increasing transparency and creating rigorous methodologies to determine submissions.
The pact is unusual because it requires Barclays not only to beef up its internal compliance systems but to take on a role as an advocate for increased oversight for the industry.
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