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News Summary: UK reviewing LIBOR practices

By The Associated Press
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QUICK REVIEW: Britain’s financial regulator on Friday is looking for quick answers from the banking industry on the London interbank offered rate (LIBOR), the interest rate index that has been subject of a global scandal

THE REQUEST: Martin Wheatley, managing director of the Financial Services Authority, said Friday he wants industry responses by Sept. 7 on how LIBOR is regulated and calculated so that proposals can be included in legislation now pending in Parliament.

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