ECB pushes to overhaul Euribor rate setting: sources

(Reuters) – The European Central Bank is putting pressure on the organizers of Euribor for an overhaul to shore up faith in the benchmark interest rate following a scandal over the manipulation of the Libor standard, sources familiar with the matter said.

The move chimes with Tuesday’s warning from U.S. Federal Reserve Chairman Ben Bernanke that the system for determining the London interbank offered rate (Libor) is structurally flawed.

Manipulation of Libor, which is used to set prices for trillions of dollars of financial products around the globe, has landed British bank Barclays (BARC.L) with a penalty of $453 million, claimed the scalp of its chief executive and threatens to drag in several other banks.


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