伦敦同业拆借利率改革的最新进展及启示

英国近期提出Libor一揽子改革计划，包括将Lib0r纳入监管、引入新的日常管理机构、规定真实成交数据在报价中的作用及削减报价品种等。Shibor在运行制度上强调报价形成的市场约束和监督管理，与改革前的Libor存在本质不同，但仍可借鉴Libor改革经验进一步加以完善，如进一步改进形成机制、探讨减少中长端报价品种的可行性、进一步加强治理和监督、建立极端市场条件下的应急机制、对操纵基准利率立法人刑等。

Libor current reform and its implications

A comprehensive Libor reform plan is proposed by the UK regulators recently, including Libor regulation, introducing new governing body, defining the functions of real transaction data in quoting and reducing quotes varieties. In terms of operations, Shibor emphasizes on the market constraints and regulations in quoting. Despite its difference from Libor before reform, reference can be made to the Libor reform experience for further improvements, such as further enhancing the formation system, examining the feasibility of reducing the varieties of mid- to long-term quotes, further strengthening governance and supervision, establishing a contingency system under extreme market conditions and legislating on benchmark interest rate manipulation penally.