Libor could be scrapped after row

Updated

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FSA building
FSA building

Libor could be scrapped as a key indicator for the City after being branded "not fit for purpose" in an inquiry set up in the wake of the rate-rigging scandal.

An initial discussion paper by Martin Wheatley, who heads conduct regulation for the Financial Services Authority, outlined a number of proposals to overhaul the way the rate is set, which suggests regulators should be given more powers to prosecute traders.

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