Sept. 28 - A tender will go out for a new organisation to regulate Libor, but it is not clear how the new scheme will be funded, there could be some money to be made for the new regulator say Breakingviews.
Today's top stories are much has picking here's why I bought on -- we'll tell us this week Spain. Joining me now is that they can use extra series tres. So relentlessly that the key being the British Bankers' Association will no longer have a stool and coordinating organized in the -- -- second panel. It'll take Kabul and will the organization being to meet any profit from. Well -- that could press -- this big Christmas and for the reforms. To really be viable. -- we got today is most review of the FSA outlining. The for the final verdict on wall suit come off. The BP a -- sensing. And Waltz conceit. Is that though the some independent. Polity which then essentially. Tens with a contract to you. To death of their rates for line born and crunch now. The rate that we don't really have much -- how long on. How about when she went to practice that will it be an attractive. Commercial proposition. I think is interested in this -- -- so -- so I was at the arrested and displays up to that that the Thomson Reuters -- actually. Has been involved in the in the existing systems of some of the mechanics of kind of -- thing the submissions that the various banks that then feed into the final Libor rates. But if you think of whenever you have this so that it this this process in the -- from markets where. What -- lots of financial -- -- -- crunched into single and small which then has. Multiple uses across the markets if for example in equity indices on foreign indices that they're all Hines that different. Revenue streams from licensing and the like this -- for the -- Taylor because of that. That the outcome was not -- that you like cats but toxic environment like while it may be now it may be now but of course and -- -- that you can have a -- Abbas. System for us is reliable and can you can you can see the potential tracks and now that. We have beaten got a clear really what the economics of this of this thought it may be something actually. Which -- sort of fund itself and therefore in this independent panel will be so that I overwhelmed with. -- offensive people with bright -- it is in from the marketplace and how it's. You know how to come up with -- -- written and ready really. Pretty robust. To succeed GOP -- sponsored libel but if not I guess sooner than may have to fall back home. Some kind of in -- live -- Being. Being the big problem. That is the banks -- she submits in the race and be very eyes and see how it how it turns out as you say that that may be some. Somebody's that thing would not -- not -- but given. Given the four -- from recurring role lost time in the with. If we have one mistakes but what that those who happens we'll -- just announced a set -- on to speed -- -- -- -- -- The bank stress tests which comes out on surprisingly off the market -- -- possible downgrade from Moody's. Wallis well what's your take on. Well -- -- that we have such folks is that the Spanish but it's. And portly and of -- as it -- -- through the right boxes. Was slightly concerned that it's based all not rather raise the projections of how the economy is kind of performance of incredibly weak economy if it weakens further than this Thompson's and then all of which the budget debates good for the pot. But as things stand we'd be pretty confident. Spain has done enough. To satisfy the CB that the ECB and -- -- -- consult following response as you say the next big kind of -- is going to be what -- stress that's come out with. They've got to be absolutely credible and times of what is the number. The -- and the intensity capital. Sixty billion years since the number it will rubles and whether Microsoft's like -- Chris thank you very much myself Obama finds that two -- can use chips used. For more agenda setting financial insight into what -- US picking you shall every day twelfth that the east on 1750 but it some -- I'm -- gave up the several times.