British regulators want to reform banks so as to determine and control interbank rates. The reason is some shady manipulations with LIBOR and other key rates by European, Japanese and US banks. The regulators want to introduce fixed prices for financial assets, including mortgage bonds and credit cards.
The representatives of the BBA and the Bank of England have met to discuss the reforms. They are also expected to consider new global rules for banking liquidity, which will take effect in 2015.
As for the prospects of the British Pound, the Futures Trading Department of , reports that the GBP futures contract is currently recovering against yesterday’s downtrend. The price suspended the downswing around 1.5700. After that the sellers left the market. However, major buyers are also absent at the moment. If the price consolidates above 1,5750, it will rally up to 1.5800.
