Tag: Barclays’ Libor rate

• Tuesday, April 29th 2014 - 06:03 UTC

  Three former Barclays employees charged with manipulation of Libor rate

  

  Three former employees of Barclays have been charged in connection with the alleged manipulation of the London Interbank Offered Rate (Libor). The Serious Fraud Office, SFO, said Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich had been charged for “conspiracy to defraud”.

• Wednesday, March 19th 2014 - 07:13 UTC

  US regulator sues 16 banks for allegedly manipulating the Libor

  

  US regulator has sued 16 banks for allegedly manipulating the London interbank offered rate (Libor).The Libor rate is used to set trillions of dollars of financial contracts, including mortgages and financial transactions around the world.

• Monday, January 20th 2014 - 22:26 UTC

  New body to regulate Libor; several big league banks fined for rate-rigging

  

  A new body has been appointed to administer Libor - the London Interbank Offered Rate. A subsidiary of the Intercontinental Exchange Group (ICE), a global network of exchanges and clearing houses, has been appointed to ensure Libor cannot be rigged by banks again.

• Friday, June 7th 2013 - 07:52 UTC

  Following the scandal, Libor to come under supervision of EU Paris-based regulator

  

  European authorities are to propose bringing control of the inter-bank lending rate, Libor, under the supervision of a Paris-based regulator. The draft regulation proposes moving oversight of the scandal-hit benchmark from London to the European Securities and Markets Authority (ESMA).

• Tuesday, March 5th 2013 - 16:52 UTC

  Libor rate-rigging: UK regulator failed to act on warnings of “low-balling”

  

  The UK Financial Services Authority repeatedly failed to act on warnings that banks were trying to rig inter-bank lending rates (mainly Libor) at height of the financial crisis, according to an internal review published Tuesday by the regulator.

• Friday, September 28th 2012 - 16:36 UTC

  Report recommends complete overhaul of Libor system and jail for those who try to manipulate it

  

  A report into the Libor rate-rigging scandal says the system is broken and suggests its complete overhaul, including criminal prosecutions for those who try to manipulate it. Its author, regulator Martin Wheatley, told the BBC that bankers guilty of fixing Libor in future could be jailed.

• Monday, July 30th 2012 - 23:35 UTC

  HSBC puts aside 2 billion dollars to cover possible money-laundering fines

  

  HSBC has put aside 2 billion dollars to cover potential mis-selling claims and money-laundering fines as it announces a sharp rise in first-half profits.

• Wednesday, July 18th 2012 - 17:03 UTC

  Geithner defends US response during the 2008 Libor-rate credibility slump

  

  US Treasury Secretary Timothy Geithner defended his response in 2008 to concerns that emerged over the benchmark Libor interest rate, arguing on Wednesday that US regulators pushed early and forcefully for reforms.

• Monday, July 9th 2012 - 18:04 UTC

  BoE Tucker denies making any suggestions to Barclays on the Libor (in 2008)

  

  The deputy governor of the Bank of England (BoE) has said he did not give Barclays instructions to lower its Libor submissions in 2008. Paul Tucker said no government minister had asked him to “lean on” Barclays over its inter-bank lending rates. But he also told MPs that the BoE and the government feared that Barclays may need a bailout.

• Monday, July 9th 2012 - 06:13 UTC

  UK Serious Fraud Office investigating the rigging of the Libor rate

  

  The United Kingdom Serious Fraud Office (SFO) has confirmed that it has formally launched an investigation into the rigging of inter-bank lending rates. The case could lead to criminal charges being brought against individuals.