Benchmark overhaul brings substantial improvement, says Lenny Feder

The Libor scandal has moved rapidly. The first settlement, just over a year ago, was quickly followed by a review into the benchmarking process, the publication of its findings, huge fines for two more banks and the first arrests of bankers and brokers alleged to have been involved – with hearings getting under way at a London court on July 19. But this neat arc is just part of the scandal, which goes far beyond the fixing of Libor to raise questions about the objectivity of other financial