Tag: London Inter-bank Offered Rate

• Wednesday, July 10th 2013 - 05:50 UTC

  NYSE takes control of LIBOR setting, following collusion from leading banks

  

  The owner of the New York Stock Exchange is set to take control of a key scandal-hit bank interest rate. NYSE Euronext has won the contract for setting the London Inter-bank Offered Rate (Libor), a government-backed committee announced. Libor is used to set trillions of dollars of financial contracts.

• 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.

• Wednesday, December 19th 2012 - 20:25 UTC

  UBS fined in US, UK and Switzerland for manipulating the Libor rate

  

  Swiss banking giant UBS has agreed to pay 1.5bn dollars to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate. It becomes the second major bank to be fined over Libor after Barclays was ordered to pay 450m to UK and US authorities in the summer.

• 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.