Financial Conduct Authority

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FCA must backtrack over Saudi oil giant Aramco

Oil Drums

Andrew Bailey, the chief executive of the Financial Conduct Authority, is usually good at reading the breezes. He is the safe-hands operator whom the former chancellor George Osborne switched from the Bank of England to inject some much-needed credibility into FCA after its various calamities.

The likely replacement for Libor may be just as prone to abuse

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Following the investigations into alleged manipulation of the London Interbank Offered Rate (Libor), in July the head of the Financial Conduct Authority (FCA), Andrew Bailey, announced plans to abandon this “unsustainable” benchmark, and transition to an alternative rate.

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