This article examines the conception of banking regulation through the lens of the LIBOR scandal. The narrative of the scandal addresses the debate surrounding the public versus private view of banking regulation. Employing an analytical framework developed through reassembling prevailing regulation theories that is contextualized to the banking industry, we analyze the historical, ethical, and technological aspects of the LIBOR scandal and subsequent reform. We argue that the narrative of the LIBOR scandal represents a typical regulatory capture in the private interest view of regulation. However, the benchmark reform appears to concur with the recent paradigm shift toward the public interest approach to banking regulation that involves more intrusive and detailed supervision with a focus on structural reforms.

本文从 LIBOR 丑闻的角度审视了银行监管的概念。丑闻的叙述解决了围绕银行监管的公众与私人观点的辩论。我们采用通过重组与银行业相关的流行监管理论而开发的分析框架，分析 LIBOR 丑闻和后续改革的历史、道德和技术方面。我们认为，LIBOR 丑闻的叙述代表了监管私人利益观点中的典型监管捕获。然而，基准改革似乎与最近向银行监管的公共利益方法转变的范式转变相一致，该方法涉及更具侵入性和更详细的监管，重点是结构性改革。