A global blueprint envisioned to eradicate manipulation of benchmarks would risk fiasco if every country would persist in carrying out its own regimes. The said blueprint was anticipated to be available late next week. Authorities were expected to reveal their final directions for enhancing transparency and control of benchmark. They were also supposed to tackle everything like interest rates, oil and gold.

International Organisation of Securities Commissions, a Madrid-headquartered regulator, made the recommendations that were about to be published. However, it lacked the power to enforce its suggestions. Therefore, the marks of implementation were expected to be patchy.

"There is no global regulatory trade body with a mandate strong enough to demand a country change its implementation of the principles which are, by nature, subject to interpretation," Tom White of JWG said. JWG was a UK-based regulatory group of experts.

White added that different regulators were expected to take varying approaches. This would leave a weak spot in the system which could further be exploited.