German financial supervisory authority BaFin recently wrote to banks involved in benchmark-setting panels that they need to improve internal supervision of the process. BaFin spokesman Ben Fischer says the regulator has outlined risk-control standards for the banks. The standards "are the result of our reviews and probes of about a dozen banks and their rate-submitting processes," Fischer said. "While we have already asked banks individually what to change, we wanted to formulate a general standard applicable uniformly to all."

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