Summary of The Wheatley Review of LIBOR

Final Report

HM Treasury,

Get the Report

The Wheatley Review of LIBOR summary
How can regulators safeguard the integrity of the crucial LIBOR interest rate?


8 Overall

8 Importance

8 Innovation

6 Style


In 2012, faced with fraud allegations surrounding the benchmark interest rate known as the London Interbank Offered Rate (LIBOR), fiscal authorities in the United Kingdom took action. The Chancellor of the Exchequer, George Osborne, asked Martin Wheatley, managing director of the Financial Services Authority and designated head of the new Financial Conduct Authority, to lead a study of how to improve LIBOR. Even though just a small group of bankers sets LIBOR – daily at 11 a.m. Greenwich Mean Time – it is a crucial interest rate that banks and investors use globally in financial contracts worth more than $300 trillion at the time of Wheatley’s report. After relating the results of the study, this clearly stated report recommends 10 reforms and policy changes that would ensure LIBOR’s integrity, though it does not venture into the history of the initial crisis or the area of alleged bank manipulations. getAbstract suggests this official report to bankers, risk managers, monetary authorities and financial regulators.

In this summary, you will learn

  • How alleged manipulation of the London Interbank Offered Rate (LIBOR) led to an official review of this benchmark interest rate’s viability and suitability, and
  • What 10 LIBOR reforms the UK’s Wheatley Review recommends.


The Benchmark
The London Interbank Offered Rate (LIBOR) represents “the average cost to banks of unsecured borrowing for a given currency and time period.” LIBOR consists of several interest rates spanning 10 currencies and 15 “tenors” – that is, borrowing periods ranging from overnight...
Get the key points from this report in less than 10 minutes. Learn more about our products or log in

About the Author

Martin Wheatley is chief executive of the UK’s Financial Conduct Authority.

Comment on this summary

More on this topic

Customers who read this summary also read

More by category