Libor reform: Main points in Martin Wheatley's review Lady Sarah Hogg to chair new Libor administrator New administrator to show greater independence, with a clear distance between institutions and submitting banks Code of conduct for submitters New tough systems and controls for submitters with transactions recorded Submissions should be subject to regular external audits Market must know if submissions are based on transactions or not (during the height of the financial crisis there were not transactions of which to base a rate) Australian, Canadian and New Zealand Dollars, as well as Swedish and Danish Krone will be phased out Aims to reduce the maturities published by removing some of the intermediate rates, such as four, five; seven, eight; ten and eleven months. Reduce the current number of Libor reference rates from 150 to 20 Relevant banks who do not currently submit, should be encouraged to participate as widely as possible in the Libor compilation process, including, if necessary, through new powers of regulatory compulsion