Libor sparks benchmark rethink

■ The Libor-rigging scandal should prompt a wave of new rules for financial benchmark governance, the Global Financial Markets Association said yesterday. The group calls for all systemically important benchmarks to be subject to proper regulatory oversight, with countries working together to set rules. The GFMA set out its recommendations in a letter to regulators including the Bank of England and the FSA’s Martin Wheatley, who is conducting a review into Libor for the Treasury.