Banks request legislative fix to Libor-linked financial contracts
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LONDON (Reuters) - Britain faces a call from banks for legislation to force billions of pounds of financial contracts which still reference the soon-to-be defunct Libor interest rate benchmark to adopt other pricing mechanisms.Rates compiled by central banks are already replacing the London Interbank Offered Rate (Libor) in an effort to avoid a repeat of attempted manipulation, which led to billions of dollars in fines for some of the world's biggest banks."The case for action has been..