Traders at Barclays and Deutsche Bank questioned over Euribor rigging March 8, 2015 The Serious Fraud Office (SFO) is questioning former traders from Barclays and Deutsche Bank over possible Euribor rigging. According to the FT, which spoke to sources close to the matter, they are being interviewed “under caution”. This means the UK fraud investigators must have at least a reasonable suspicion of wrongdoing, and this type of [...]
Barclays: When one-off costs keep coming – Bottom Line March 3, 2015 Investors want to know the exact profit of the firms they own, but they also want the long-term outlook. That is why banks publish their statutory earnings, and their underlying numbers. The difference can be huge – hundreds of millions or even billions of pounds per year. But how far can investors rely on those [...]
FCA and PRA reveal latest regulatory code – here’s how it will affect people in the City February 23, 2015 A strict new code for financial institutions places greater accountability on non-executives when regulations are breached, and means they will be guilty until proven innocent, rather than the other way around. The proposals were outlined earlier today by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), and their purpose, according to [...]
First Libor rate-fixing battle as Icap rejects EU’s €15m fine February 4, 2015 Brokerage Icap has become the first City institution to challenge a fine for attempted Libor manipulation, yesterday vowing to battle the European Commission. The EC issued the firm with a €14.9m (£11.2m) fine, arguing that Icap broke competition rules “by facilitating several cartels in the sector of yen interest rate derivatives.” Icap was fined £54m in [...]
Why the Libor scandal is just the latest chapter in Britain’s obsession with punishment January 22, 2015 Britain’s enduring obsession with punishment has resurfaced in its response to the Libor scandal. The number of UK traders charged for Libor-related offences by the Serious Fraud Office has reached 13, placing Britain far ahead of other European countries in its tally of prosecutions for benchmark manipulation. Investigations continue and the UK authorities have indicated [...]
Martin Brokers executives David Caplin and Jeremy Kraft fined and banned over Libor manipulation January 22, 2015 The former chief executive and former compliance officer of Martin Brokers have each been fined a six-figure sum and banned from holding senior roles at financial services firms "for compliance and cultural failings". David Caplin, who had been at the firm for at least 17 years, has been ordered to pay £210,000, while [...]
Libor fines to be spent on air ambulances and forces charities December 3, 2014 Hundreds of millions of pounds in Libor fines will go to air ambulances, Gurkha and veterans’ hearing charities, the chancellor said yesterday. Banks paid the fines after their traders were accused of trying to manipulate key interbank interest rate Libor. The pledge comes after Osborne announced the fines for foreign exchange benchmark manipulation would be spent [...]
European Commission slaps JP Morgan, UBS and Credit Suisse with combined €93.9m fine for Libor rigging and interest rate derivative collusion October 21, 2014 The European Commission has come down hard on banks again, fining JP Morgan, UBS and Credit Suisse a combined €93.9m (£74m) for colluding on benchmarks and prices, including libor rates and interest rate derivatives. JP Morgan will pay a settlement of €61.6m over the manipulation of the Swiss franc libor rate between March 2008 and [...]
Libor overhaul in bid to stop manipulation by bad banker and brokers October 20, 2014 Key interest rate Libor will be based on huge numbers of transactions in future, as part of its new administrator’s plan to stop bad bankers and brokers trying to fiddle the rate. It is now being run by Intercontinental Exchange’s Benchmark Administration (IBA) unit, which has come up with a wide-ranging plan in an effort [...]
City banker pleads guilty to Libor fraud in first rate manipulation investigation UK conviction October 7, 2014 A senior banker at a British bank has pleaded guilty to charges in relation to the rigging of the Libor interbank lending rate. The unnamed banker, who is currently on bail, pleaded guilty to one count of conspiracy to defraud as part of the Serious Fraud Office's (SFO) investigation into alleged Libor rate manipulation. A [...]