LIBOR Reform And Overhaul Sought By FSB's Martin Wheatley

Libor, the London inter-bank lending rate, is considered to be one of the most crucial interest rates in finance. It is the benchmark against which over $300 trillion (196 trillion pounds) worth of securities, including mortgages, student loans and swaps, are priced. But U.S. and U.K. regulators found traders tried to rig Libor in a scandal that sparked public and political outrage and has to date seen regulators fine three banks a total of $2.6 billion. LIBOR Reform British financier Martin Wheatley was named co-chair of a Financial Stability Board task force on Tuesday to look at reform of Libor. The…