The British Bankers’ Association will strengthen the governance of Libor – in part by adding more independent members to the committee that oversees the key money market indices, which have faced criticism during the ongoing tensions in the money markets.
The association said it had retained law firm Clifford Chance to advise it on strengthening governance procedures and that all respondents to its consultation paper issued in June supported the enhancement in governance and scrutiny for one of the most important financial indicators.
