Regulators tell derivatives industry to find Libor consensus
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LONDON (Reuters) - Regulators have told the world's derivatives market that it must find a common approach for dealing with a sudden death of Libor, the tarnished interest rate benchmark used for pricing contracts worth more than $300 trillion (£232 trillion) globally.Libor became discredited after big investment banks were fined billions of dollars for trying to rig Libor or London Interbank Offered Rate, a benchmark that reflects the cost of borrowing among banks.It is slowly being replaced..