With respondents' support of its consultation paper, the British Bankers' Association said it plans to add more independent members to the committee that oversees Libor as part of an overall enhancement on governing the money-market indexes. "One of the concerns among respondents was about the narrowness of the foreign-exchange and money-market committee, in that it is made up only of contributor banks," said Alex Merriman, executive director for wholesale and regulation at the BBA. "The view was that the committee should benefit from the expertise of external, nonpanel banks."

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