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Regulator outlines overhaul of London Interbank Offered Rate

LONDON -- A British regulator has outlined wholesale reforms to a key international rate-setting mechanism whose manipulation by Barclays bank was exposed in a scandal which erupted several months ago.

Financial Services Authority Managing Director Martin Wheatley says the London Interbank Offered Rate will undergo a complete overhaul.

Barclays chief Bob Diamond resigned after it was revealed his bank was fiddling with the rate, a key market index which influences the costs of a huge range of financial instruments.

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