``Using actual numbers only works if there is enough interbank activity to create representative data. In 2011, volumes in eight of the fifteen quoted Libor maturities were classified as "low activity", according to Oliver Wyman research. In a crisis, there may be no reliable data. That's why Wheatley's suggestion of a hybrid system sounds the right way forward. Transaction data could be used when volumes are strong; judgment calls deployed when they are not.''

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