Investigations into possible manipulation of the London Interbank Offered Rate are sparking speculation that changes are likely. "The methodology used to formulate Libor is totally unsuitable for the modern world," said Daniel Sheard, chief investment officer of GAM U.K. "The British Bankers' Association needs to come out on the front foot and say, 'This is a system that was appropriate 20 years ago but is no longer appropriate, and we are going to change it.' "

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