The Hong Kong Monetary Authority expanded its investigation into possible manipulation of local benchmark interest rates. The move comes as regulators around the world make it clear they are moving beyond inquiries into the London Interbank Offered Rate, questioning the integrity of many benchmark rates. The benchmarks were created due to a lack of transparent trading in many markets. "We believe that it will still be necessary to deploy algorithms or expert judgment to fill the gaps where no trade data exist," said George Handjinicolaou, the International Swaps and Derivatives Association's deputy chief executive.
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