The U.K. Financial Services Authority aims to prevent a repeat of manipulation of benchmark interest rates by finalizing rules governing the setting of such rates. On Monday, the Financial Conduct Authority will replace the FSA and take on oversight of the London Interbank Offered Rate. "Confidence and trust are critical to financial markets," said Martin Wheatley, CEO-designate of the FCA. "That trust has been eroded by the Libor scandal and the recent enforcement action against several banks. These new rules today should help restore that faith and bring integrity back to Libor."
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