LIBOR to end in 2021 as regulator says bank benchmark is untenable

Section:

By Suzi Ring
Bloomberg News
Thursday, July 27, 2017

Libor, the benchmark underpinning more than $350 trillion of financial products, will be phased out by the end of 2021 as U.K. regulators and banks look to replace the scandal-tarred indicator with a more reliable system.

Andrew Bailey, the head of the Financial Conduct Authority, said today that the rate isn't sustainable because of a lack of transactions providing data. Libor became a byword for corruption after traders were caught manipulating the benchmark, leading to about $9 billion in fines and the conviction of several bankers.

"We do not think we will complete the journey to transaction-based benchmarks if markets continue to rely on Libor in its current form," Bailey said in a speech at Bloomberg's London headquarters. "Panel bank support for current Libor until end-2021 will enable a transition that can be planned and can be executed smoothly." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-07-27/libor-to-end-in-2021-...



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NuLegacy Discovers New Gold Zone


Company Announcement
Tuesday, July 25, 2017

RENO, Nevada -- NuLegacy Gold Corp. reports that it has discovered a material new gold zone in a "wildcat" step-out hole 375 meters (1,200 feet) west of the north zone of the Iceberg gold deposit:

http://nulegacygold.com/i/pdf/GT072117.pdf

Drill hole IN17-03 encountered 125 meters (405 feet) of strongly brecciated jasperoid hosted in the Devonian Horse Canyon formation (an important host for gold in Carlin-type deposits) starting at a depth of 435 feet and extending to 840 feet. Within this formation:

-- 85.4 meters (280 feet) returned assays of 0.64 grams/tonne of gold.

-- This included 50.5 meters (165 feet) of 1.00 grams/tonne gold.

-- This also included 13.7 meters (45 feet) of 2.27 grams/tonne gold.

"This new discovery is hosted in a long interval of the very favorable Horse Canyon formation located in a northwest striking cross-faulted structure, both of which are classic characteristics of the major gold deposits of the Cortez trend, such as the neighboring Goldrush, Cortez Hills, and Pipeline deposits,” said Derick Unger, chief geologist for NuLegacy Gold. ...

... For the remainder of the announcement:

http://nulegacygold.com/s/News.asp?ReportID=797737&_Type=News&_Title=NuL...



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