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BBA consults on implementing Wheatley LIBOR reforms

8 Nov 2012

Following the recommendations of the Wheatley Review of LIBOR, the British Bankers’ Association has today issued a consultation on how initial changes will be implemented.

The consultation outlines the BBA’s proposed timescale for a phased discontinuation of certain LIBOR currencies and maturities in line with the sixth recommendation of the Wheatley Review.

BBA chief executive Anthony Browne said:

"The BBA is working closely with Martin Wheatley and his team to ensure the continued provision of a reliable benchmark which has the confidence and support of all users, contributors and global regulators. We have today published a short consultation paper, proposing a phased approach to the streamlining of LIBOR tenors and currencies during the early months of 2013.

“The changes were among those recommended by Mr Wheatley as part of the ten point plan to strengthen LIBOR published on 28th September.”

Martin Wheatley said

 “I welcome the BBA’s first steps towards implementing a key recommendation of the Wheatley review of LIBOR through its consultation on the gradual phasing out of currencies and maturities which needs to be subject to an open process and market feedback to ensure that enough time is given to allow market users to adapt.”

Notes to editors

1. The consultation paper can be found here.

2. The consultation has a closing date of Saturday 8th December.

3. The Wheatley Review of LIBOR and other relevant documents can be found on the HM Treasury website at http://hm-treasury.gov.uk/wheatley_review.htm.

4. The sixth recommendation of the Wheatley Review is:

“The BBA should cease the compilation and publication of LIBOR for those  currencies and tenors for which there is insufficient trade data to corroborate  submissions, immediately engaging in consultation with users and submitters to  plan and implement a phased removal of these rates.”

 
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