Martin Wheatley, head of the UK Financial Conduct Authority, said at an industry conference that a revamp of the London Interbank Offered Rate is needed. However, regulators must be realistic and not rush into changing how the benchmark is set, he said. "We'd like to come up with the perfect solution," Wheatley said. "We'd like to come up with something that is based on a deep and liquid market, that is based on genuine observable transactions that are themselves regulated, but we've also got to be realistic."

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