Rules on how the Libor rate is set are set to change to prevent any further rigging scandal.The British Bankers' Association (BBA) has announced that balance sheets from banks will need to be embargoed for three months to prevent manipulation. This change is due to come into effect from July 1st.This information, the BBA explained, will be available to Libor administrators so that they can calculate and monitor the rate, while the Financial Conduct Authority (FCA) will also have access to the documents so that they can supervise the banks.Libor is only an estimate based on worldwide financial transactions and, in recent years, it emerged that banks had been manipulating this rate allegedly to increase profits. So far, UBS, Barclays and Royal Bank of Scotland (RBS) have been fined for their involvement in the Libor rigging scandal.RBS was fined £390 million by US regulators and the FCA, while Barclays was fined £290 million.John FieldmanHaving worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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