Abstract: Financial benchmarks are an important part of global financial infrastructure. During and after Global Financial Crisis, the credibility of major financial benchmarks was challenged by various scandals such as those involving Libor. This paper conducted a comprehensive review of the events, initiatives, and debates on the reform of international financial benchmarks An important lesson for China is that in the process of developing its own financial benchmarks, regulatory design should focus on avoiding manipulation by implementing the principle that benchmark submissions must be based on actual transactions.

Full report ：Reform of International Financial Benchmarks and Lessons for China