Lloyds kicks out eight staff for fiddling Libor September 29, 2014 LLOYDS fired eight staff yesterday for trying to fiddle key Libor and repo interest rates between 2006 and 2009, after the bank was fined £226m in June over the wrongdoing. It came as UBS admitted it is in settlement talks with regulators around the world over the forex benchmark manipulation scandal, the first such bank [...]
After Libor: Currency, gold and oil markets will face tougher regulation September 25, 2014 Seven financial markets are facing tougher regulation as the government seeks to extend laws originally designed to address the Libor rigging scandal. The Treasury has benchmarks governing currency, gold, silver and oil in its sights to ensure financial markets “remain robust” and that anyone seeking to manipulate them is subject to the the “full force of [...]
Libor and forex scandals: Banks admit they are “puzzled” over how to stop rate fixing September 9, 2014 Banks and regulators have still not found a way to be sure of stopping traders from manipulating Libor, foreign exchange and other benchmarks, top watchdog Martin Wheatley said yesterday. More than two years on from the first bank fine over attempted Libor fiddling, the new setup for benchmark regulation is yet to be finalised. “I [...]
Lloyds ripped off Bank of England by fiddling Libor rates July 28, 2014 Lloyds was hit by £226m in fines and settlements yesterday as the bank admitted its staff fiddled Libor and the influential repurchase agreements rate benchmark in the years before the financial crisis. Of that, £7.75m is going to the Bank of England as compensation for fees it dodged in the crash by manipulating the repo [...]
Lloyds fined £226m by UK and US regulators for Libor manipulation July 28, 2014 Lloyds has become the latest bank to be fined for manipulating the London Interbank Offered Rate (Libor). The benchmark interest rate determines the cost of a range of credit products which have a combined value of at least $350tn, but a number of banks have been charged with unlawfully tampering with it in order [...]
Libor accused to wait until 2016 for fraud squad’s trial to begin July 21, 2014 THE SIX bankers accused of attempting to fiddle interest rate benchmark Libor will not know their fates for at least another two years, after a court hearing yesterday. The scandal broke more than two years ago when Barclays was fined over claims its staff tried to manipulate the rate. And six of its workers have been [...]
Lloyds Bank closes in on a Libor settlement with UK authorities July 16, 2014 Lloyds is braced to become the next bank to settle with regulators in the Libor abuse scandal, it emerged yesterday. The high street bank has been cooperating with investigations into alleged attempts by traders to fiddle the interest rate benchmark. Barclays was the first to be fined, paying £290m two years ago. RBS followed with [...]
Icap rejects antitrust accusations from EU over yen Libor rigging June 10, 2014 INTERDEALER broker Icap has knocked back claims it breached EU competition rules amid ongoing allegations of Libor rigging. The group was responding to a complaint from the European Commission about its alleged role in yen rate-rigging, which led to fines for several banks last year. “The commission has concerns that Icap may have been involved [...]
Here’s what brokers and traders were saying to each other as they manipulated Libor rates in 2008/9 May 15, 2014 The Financial Conduct Authority’s (FCA) just announced that it’s fined interdealer Martin Brokers £630,000 for “significant” failings in relation to Libor. Between January 2007 and December 2010, Martins colluded with a trader at UBS to manipulate the Japanese yen Libor for his own benefit. Over the period, at least 600 requests were made to Martins [...]
Libor trials in jeopardy over legal aid cuts May 1, 2014 BRITAIN’S anti-fraud regime could fall to pieces if more cases collapse from a lack of legal aid funding, insiders at the UK’s enforcement agencies warned yesterday. It comes after a judge at Southwark Crown Court halted a fraud case, worked on by the Prime Minister’s lawyer brother, because the five accused could not find a [...]