BBA to tread carefully on change to Libor-setting

"he British Bankers Association is expected to tweak rather than overhaul the way it sets Libor, when it announces next week the findings of a review into the the leading global interest rate benchmark that has become seriously distorted by the global credit crisis. Faced with growing criticism that its London interbank offered rates don't accurately reflect bank-to-bank borrowing costs -- which have soared broadly since the credit crisis broke -- the BBA will unveil on May 30 the findings of its review into the Libor-setting process and say whether it will amend how the rates are fixed."