The Financial Stability Board said work should also start on Libor alternatives, such as so-called "nearly risk-free reference rates."» Read More
John Mann MP and member of treasury select committee at the House of Commons, told CNBC, there is danger of politicians panicking and rushing Libor reform following the rigging scandal.
Seven banks have received subpoenas as part of an investigation into the alleged manipulation of the London Interbank Offered Rate, said a source close to the case.
CNBC's Karen Tso takes a look at past fines that have been leveled at European banks by US regulators.
Sam Gyimah member of the UK parliament told CNBC, the Standard Chartered case is an example of a regulator shooting over the top and the bank deciding that in the interests of its reputation it is best to settle and move on.
Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum. The NYT reports.
The Swiss National Bank has euros ready to unload, and these strategists point to currencies that should benefit.
Libor, the London Interbank Offered Rate, could be scrapped altogether and replaced with an interest rate that is set using actual trades, according to a review set up by the UK government. The FT Reports.
The chairman of one of Dubai’s best-known family-owned conglomerates is not considering investing in European banks again following a disappointing run as a stakeholder of Barclays.
Take a look at some of Friday's morning movers:
Second quarter GDP Friday could be a game changer for markets that are anxious for any clues as to the depth and duration of the current soft patch.
CNBC's Kelly Evans reports on all the market moving events from Europe, including a surge in shares of Barclays, as the bank reports H1 profits beat forecasts.
A look at the U.S. markets ahead of the open, with CNBC's Kelly Evans, including Facebook, Barclays, and a slew of economic data.
With the Olympics about to begin, here's how to trade the games.
The London Interbank Offered Rate (Libor) is flawed and should no longer be calculated by the British Bankers’ Association (BBA), Howard Davies, Professor at Sciences Po and former chairman of the Financial Services Authority told CNBC.
"We are likely to see other banks now coming out in the open in terms of the part that they took in it; I think in relation to Barclays, it is unlikely that they alone moved the rate in any way by the actions of their traders but once one sees a conspiracy starting I think things will change and that's what the Americans in particular are looking at," David Green, senior partner at Edwin Coe, told CNBC.
"I think the Libor scandal is going to go on for a while, we are about ten percent into it. Firstly the problems of Barclays haven't finished the criminal prosecutions but also civil suits and this will be the case for all banks," Satyajit Das, author of Extreme Money: Masters of the Universe and Cult of Risk.
American authorities did not warn British officials about the rate-rigging scandal at the height of the financial crisis in 2008, according to documents released by the Bank of England on Friday, the New York Times reported.
The flaws in the rate-setting process have been exposed by the latest banking scandal. Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis, the New York Times reports.
"Looking at those emails, it looks like they had pretty explicit notification of some very bad behavior, and I don't understand why they didn't investigate," Bair told CNBC.
Carly Fiorina, former HP Chairman & CEO, explains why it is time to take a closer look at the actions of corporate boards.