On 5 August 2008, the Foreign Exchange and Money Markets Committee (the Committee), which oversees BBA LIBOR, published a feedback statement. This followed receipt by it of responses to its June consultation "Understanding the Construction and Operation of BBA LIBOR" (see Legal update, LIBOR: strengthening its construction and operation).

Conclusions reached by the Committee include the following:

1) No additional second US Dollar fix. The vast majority of respondents did not support having a new second US Dollar LIBOR fix timed for after the US market opens as this would cause confusion and involve parties having to check the definition of LIBOR used in many existing agreements. Whilst the Committee has decided there should be no second US Dollar fix in London it will look at broadening the contributor bank panel for US Dollars (see below).

2) Additional European US Dollar benchmark. The Committee will investigate whether an additional European US Dollar benchmark is viable. The Committee states that any new benchmark will not bear the "LIBOR" name so as to avoid market confusion.

3) Expanding BBA LIBOR panels. The Committee will consider expanding the number of banks which contribute rates used to calculate LIBOR for each currency, subject to further banks being willing to contribute.

4) Governance. The Committee will document the principles and procedures under which the BBA should operate LIBOR.

The feedback statement also notes that many respondents commented that LIBOR is being used by some in ways for which it was never intended and they supported the BBA's initiatives to ensure greater understanding of what LIBOR is.