Martin Wheatley, head of the U.K.'s Financial Conduct Authority, told participants at the International Derivatives Expo in London that a revamp of the London Interbank Offered Rate is needed, but that regulators must be realistic and shouldn't rush into changing how the benchmark rate is set. "We'd like to come up with the perfect solution," Wheatley said. "We'd like to come up with something that is based on a deep and liquid market, that is based on genuine observable transactions that are themselves regulated, but we've also got to be realistic."

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