Second, and equally important, regulators need to work with market participants to encourage them to  1  For more information on the role of LIBOR in the global financial system, see Wheatley Review (2012), The Wheatley Review of LIBOR: Final Report (PDF) (London: HM Treasury, September).
2  Details on the principles may be found in Board of the International Organization of Securities Commissions (2013), Principles for Financial Benchmarks: Final Report (PDF) (Madrid: Board of IOSCO, July). 3  For the FSB’s reform proposals, see Financial Stability Board (2014), Reforming Major Interest Rate Benchmarks (PDF) (Basel, Switzerland: FSB, July).