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UK Orders Independent Review of How Libor Is Set

Monday, 2 Jul 2012 | 5:00 AM ET

"Libor is critical to the bond markets globally and so for example mortgage rates are indexed off of it, a lot of the swap of activity in the bond market is indexed of Libor, so Libor plays a key role in the valuations of a lot of these bond contracts," George Goncalves, head of US rates strategy at Nomura Securities, told CNBC.