Wheatley saves bond markets from confusion

Market participants relieved industry spared complicated and costly renegotiation of existing bond contracts

The UK government-backed review of Libor has been met with relief in the bond market after Martin Wheatley concluded that the benchmark should – with some exceptions – essentially be left in place, albeit as a regulated activity.

Wheatley, the chief executive-designate of the Financial Conduct Authority, said in a speech today that while the current system of Libor was "broken", it was "not beyond repair".

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