“Following the 14-year jail sentence of a former City of London trader convicted of rate-fixing, basing indexes on bank-supplied estimates has had its day, the chief executive of the London Stock Exchange Group told CNBC on Wednesday.
"The days of survey-based indices are over," CEO Xavier Rolet told CNBC, after the stock exchange and financial information company posted a boost in first half earnings.
"We are in the process of moving from the old days, where, if you want, these indices and these benchmarks were computed in a survey-based fashion between individuals communicating judgment-based opinion as to where they should be, to an electronic world… where everything is electronic, can be traced, can be audited."
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