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CME Group executives launch defence of Libor

The world’s largest derivatives exchange defends Libor’s status as the reference rate for its most valuable products

Top officials at CME Group defended the validity of a key interest rate that has come under scrutiny following charges that bank traders sought to manipulate it.

The London interbank offered rate, which underlies some of CME's biggest derivatives markets, will remain the "predominant benchmark" for banks looking to hedge against shifts in the cost of short-term borrowing, said Terry Duffy, executive chairman and president of CME.

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