December 2012

LSEG Response to HM Treasury’s Consultation on Implementing the Wheatley Review: Draft Secondary Legislation

The London Stock Exchange Group has provided a response to HM Treasury’s consultation on the implementation of the recommendations in the Wheatley Review of LIBOR. In our response, we make the following points:

• We support the government’s decision to implement fully the recommendations of the Wheatley review and to bring LIBOR within the scope of regulation.
• We would suggest that benchmarks other than LIBOR need not be specified as regulated benchmarks for the purposes of the new criminal offence; there is no evidence of a widespread problem of manipulation across the wide range of all other available indices.
• There would need to be evidence of manifest market failure before any other index is brought within the scope of regulated benchmark activities.

LSEG Response to HM Treasury’s Consultation on Implementing the Wheatley Review: Draft Secondary Legislation (file pdf - 142 KB)