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U.K. to Criminalize Manipulation of Financial Benchmarks
Keywords:
Britain's Chancellor of the Exchequer, George Osborne, says "the integrity of the City matters to the economy of Britain," as he takes strong action to safeguard financial benchmark rates set in the City of London. Following the manipulation of LIBOR for which banks paid heavy fines this is a major issue. New legislation will make it a criminal offense, punishable with 7 years in prison. Manipulation will be determined based on the intentions of traders to place trades or share information so that their interests are served above a client's interest. Not just LIBOR, other benchmarks such as London foreign exchange benchmark rate, key gold and silver rate, ICE Brent index and Sterling Overnight Index Average (Sonia), ISADFix, are also included in this legislation.
Strong action from Britain to protect LIBOR, ICE Brent and other benchmark rates in 2015
12/23/2014
"The integrity of the City of London matters to the economy of Britain," said Chancellor of the Exchequer, George Osborne, as legislation now makes it a criminal offense for individuals to manipulate benchmark rates, punishable with 7 years in prison.
Grouped Articles
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
Wall Street Journal 08/05/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The Unraveling of Tom Hayes Part One Rain Man in Trouble
Wall Street Journal 09/18/2015
Britain's Serious Fraud office and its investigation into improper LIBOR rate setting by Barclays and other banks
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
Osborne Promises More Regulatory Powers to Split Up British Banks
New York Times 02/04/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
Wall Street Journal 08/05/2015
LIBOR (the London interbank offered rate) and its diminishing importance in gauging global financial health
05/29/2008
During the 2008 crisis the libor rate jumped sharply. In today's financial markets with banks flush with cash the borrowing between banks has dropped significantly, making libor less useful.
Grouped Articles
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Barclays's Agius Is Stepping Down
Wall Street Journal 07/02/2012
Wall Street Journal 07/15/2011
Chief Executive of Barclays Resigns
New York Times 07/03/2012
New York Times 07/02/2012
Wall Street Journal 06/28/2012
Lloyds Libor settlement
07/29/2014
Grouped Articles
Lloyds Pays $370 Million to Settle Rate Probe
Wall Street Journal 07/29/2014
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Rabobank and the $1 billion Libor legal settlement
10/29/2013
Grouped Articles
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Swiss Bank UBS and the $1.5 billion LIBOR rate manipulation settlement
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
UBS Admits Rigging Rates in 'Epic' Plot
Wall Street Journal 12/20/2012
Wall Street Journal 05/29/2008
The cleanup at Barclays under chairman David Walker in 2012-2013
09/08/2010
David Walker is one of the widely respected names in British finance. After the resignation of CEO Diamond of Barclays following the LIBOR probe, Walker was given the task of putting Barclays on the right path. New executives were hired who could work well with regulators, including Hector Sants. The old CFO and general counsel with poor record dealing with regulators departed. Barclays will be closely watched to see how British finance can restore itself.
Grouped Articles
Barclays Has Plenty of Hard Yards Ahead
Wall Street Journal 10/04/2013
Barclays's Hector Sants Takes Leave of Absence for Stress
Wall Street Journal 10/16/2013
'Business as Usual' With Barclays's New Boss
Wall Street Journal 09/08/2010
Investment Banking Bedevils Barclays
Wall Street Journal 02/12/2014
Barclay's To Cut 12,000 Jobs in Face of Steep Losses
New York Times 02/11/2014
Barclays CFO Tushar Morzaria Faces Question of What to Do With Investment Bank
Wall Street Journal 04/15/2014
The Labor party, Conservative party, and the Bank of England in the fallout from the manipulation of LIBOR rates by Barclays
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
Wall Street Journal 08/05/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The London trading scene and the LIBOR scandal
05/02/2013
Grouped Articles
Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal
Wall Street Journal 05/02/2013
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
Wall Street Journal 08/05/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The WSJ's May 2008 study that set off the LIBOR investigation
05/29/2008
The analysis by the WSJ using credit default insurance showed banks were lowballing the rate they reported daily to the British Bankers Association as part of a 16 bank panel. The apparent intention was to protect perception of the bank's health during the financial crisis. Investigations later showed the other motive was to increase trading profits at banks such as UBS. WSJ analysis showed banks rates clustering together showing possible collusion in setting the rates. Banks which lowballed the most in the WSJ analysis were Citigroup, HBOS, UBS, WestLB, JP Morgan Chase. West LB, Citigroup and HBOS, were considered banks with higher risks during the financial crisis. The LIBOR or London Interbank Offered Rate helps determine the rate for trillions of dollars of transactions in financial markets ranging from home securities, home and auto loans to derivatives and swaps and is critical for the integrity of financial markets worldwide.
Grouped Articles
Wall Street Journal 07/15/2011
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
Wall Street Journal 08/05/2015
Wall Street Journal 05/29/2008
Treasury Secretary Geithner and the LIBOR investigation in the U.S.
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Geithner drawn into Libor scandal - The Washington Post
Washington Post 07/13/2012
Geithner Wrote Libor Memo in 2008
Wall Street Journal 07/13/2012
Geithner Tried to Curb Rate Rigging in 2008
New York Times 07/12/2012
Barclays $450 million settlement for manipulating the LIBOR rate and other settlements
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
Barclays's Hector Sants Takes Leave of Absence for Stress
Wall Street Journal 10/16/2013
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
Europe Sets Big Fines In Settling Libor Case
New York Times 12/04/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Deutsche Bank and the LIBOR investigation in 2013
07/15/2011
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
Europe Sets Big Fines In Settling Libor Case
New York Times 12/04/2013
Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
Wall Street Journal 03/26/2014
LIBOR reforms 2012-2013
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
NYSE Euronext to Take Over Administration of LIBOR
New York Times 07/09/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Libor Furor: Key Rate Gets New Scrutiny
Wall Street Journal 09/28/2012
New rules for setting the London Interbank Offered Rate (LIBOR)
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Barclays's Agius Is Stepping Down
Wall Street Journal 07/02/2012
Chief Executive of Barclays Resigns
New York Times 07/03/2012
RBS and the legal settlement for manipulating LIBOR rates
07/15/2011
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
U.S. Wants Criminal Charges for RBS
Wall Street Journal 01/29/2013
Wall Street Journal 02/07/2013
The British Bankers' Association (BBA) and management of LIBOR
05/29/2008
A decision by th BBA to discontinue managment of LIBOR in Sept 2012.
Grouped Articles
Wall Street Journal 07/15/2011
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
NYSE Euronext to Take Over Administration of LIBOR
New York Times 07/09/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
British Banks Step Back From Libor Role
Wall Street Journal 09/26/2012
Wall Street Journal 05/29/2008
The European Commission's regulatory authorites and LIBOR
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
Europe Sets Big Fines In Settling Libor Case
New York Times 12/04/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
EU Calls for Close Oversight of Key Gauges
Wall Street Journal 07/25/2012
New York Times 08/06/2012
The LIBOR investigation in the U.S.
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Wall Street Journal 07/11/2012
Q. and A.: Understanding LIBOR
New York Times 07/10/2012
Wall Street Journal 07/12/2012
New York Fed May Shed Light on Libor Scandal
Wall Street Journal 07/12/2012
The responsibility of regulators in the manipulation of LIBOR rates by banks
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
The Unraveling of Tom Hayes Part Four The Waiting Game
Wall Street Journal 09/16/2015
The Unraveling of Tom Hayes Part Two The Gambler
Wall Street Journal 09/14/2015
Bank Scandal Turns Spotlight to Regulators
New York Times 07/09/2012
Transfer of LIBOR (London Interbank Offered Rate) from the British Bankers Association to the NYSE in 2013
07/09/2013
The transfer is part of the effort to reform the way LIBOR is adminstered. A British subsidiary of NYSE will adminster LIBOR under the new arrangement.
Grouped Articles
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
NYSE Euronext to Take Over Administration of LIBOR
New York Times 07/09/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
UBS $1 billion legal settlement with global regulators for manipulating LIBOR rates
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
UBS in Talks Over $1 Billion Penalty
Wall Street Journal 12/14/2012
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